# In the matter of Best Deal TV Pvt. Ltd. M.A. 564-2019, M.A. 561-2019 In C.P. No.(IB)852(MB)-2017

> NCLT judgment dated 2019-04-02. Citation: TCN-2019-NCLT-04187. The case involves an application filed by the Liquidator seeking the release of a No Objection…

- **Court:** NCLT
- **Order date:** 2 Apr 2019
- **Citation:** TCN-2019-NCLT-04187
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/best-deal-tv-pvt-ltd-ma-564-2019-ma-561-2019-in-cp-noib852mb-2017-635b24b2

## Summary

### Background

The case involves an application filed by the Liquidator seeking the release of a No Objection Certificate (NOC) for the registration of a Hyundai Elantra car, which was a hypothecated asset of the Corporate Debtor and sold during liquidation. The Financial Creditor, Kotak Mahindra Prime Ltd, had not submitted a claim despite public announcements and personal calls. The Section 9 petition filed by the Operational Creditor was admitted against the Corporate Debtor on 5.5.2017, leading to a liquidation order on 2.2.2018. The Liquidator conducted an auction on 7.8.2018, where the car was sold for Rs.8,50,000/- to Mr. Shreedhar Rapolu. The Financial Creditor's refusal to provide the NOC was causing hardship to the buyer.

## Facts

The Corporate Debtor faced insolvency proceedings, leading to a liquidation order on 2.2.2018. An Operational Creditor's Section 9 petition was admitted on 5.5.2017. The Liquidator was appointed and conducted an auction on 7.8.2018, selling a hypothecated Hyundai Elantra car for Rs.8,50,000/- to Mr. Shreedhar Rapolu. Kotak Mahindra Prime Ltd, the Financial Creditor, failed to submit a claim despite public announcements on 11.2.2018 and personal calls. The Liquidator requested the Financial Creditor to issue a NOC for the car's registration, but they refused. The Financial Creditor had submitted a claim in Form C through email dated 1.6.2017 for a total claim of Rs.5,99,638/-. The Liquidator appointed two valuers, and the fair market value of the car was assessed at

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## Issues and analysis

### Issue 1: Whether the Liquidator is justified in seeking the release of the NOC for the registration of the …

**Ratio:** The Liquidator has the authority to sell the assets of the Corporate Debtor during

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**Reasoning:** The court reasoned that the Liquidator followed the due process in conducting the auction

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**Interpretation:** This issue involves the interpretation of the powers and duties of the

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**Application:** The ratio and reasoning apply to the specific facts of the case because the

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## Parties

- **Judges:** V. P. S…; RavikumarDu…
- **Appellants:** Aeshtetique…
- **Respondents:** Best Deal TV Pvt.…

## Timeline

- **2017-05-05 — Admission of Section 9…**: Section 9 Petition filed by the Operational Creditor was admitted against the Corporate…
- **2017-06-01 — Financial Creditor's…**: Financial Creditor submitted his…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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