# In the matter of Duckbill Drugs Private Limited I.A. (IB) No. 521-KB-2022 in C.P (IB) No. 972-KB-2018

> NCLT judgment dated 24 Feb 2023. Citation: TCN-2023-NCLT-04466. This interlocutory application was filed by Paul Brothers, the successful bidder, against…

- **Court:** NCLT
- **Order date:** 24 Feb 2023
- **Citation:** TCN-2023-NCLT-04466
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/duckbill-drugs-private-limited-ia-ib-no-521-kb-2022-in-cp-ib-no-972-kb-2018-13bd2bb1

## Summary

### Background

This interlocutory application was filed by Paul Brothers, the successful bidder, against Santanu Brahma, the liquidator of Duckbill Drugs Private Limited, seeking various reliefs and waivers after purchasing the corporate debtor as a going concern.

## Facts

Bell Finvest (India) Limited, a financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Duckbill Drugs Private Limited, the corporate debtor, which was admitted on December 17, 2019. Subsequently, on April 13, 2021, an order was passed to commence the liquidation process, and Mr. Santanu Brahma was appointed as the liquidator. This led to the sale of the corporate debtor as a going concern.

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## Issues and analysis

### Issue 1: Whether the sale of the Corporate Debtor as a going concern is akin to a de-facto CIRP, allowing…

**Ratio:** The sale of a corporate debtor as a going concern is considered analogous to a resolution…

**Reasoning:** The Tribunal opined that the sale of the Corporate Debtor as a going concern is akin to a…

**Interpretation:** The court interpreted the 'going concern sale' under liquidation as having…

**Application:** This interpretation allowed the Tribunal to grant waivers for pre-CIRP claims…

## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Advocates:** Joy S…; Avishek…; +5 more

## Timeline

- **December 17, 2019 — CIRP Admi…**: The Corporate Debtor, Duckbill Drugs Private Limited, was admitted into Corporate…
- **April 13, 2021 — Liquidation Com…**: An order was passed initiating the commencement of the liquidation process of the…

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