# In the matter of GB Raja Top Weaving Private Limited MA-824-2019 in IA-302,624, 741,742 809 & 1077-IB-2020 & IA-200-CHE-2021 in CP-1215-IB-2018

> NCLT judgment dated 2021-04-21. Citation: TCN-2021-NCLT-02322. The case involves multiple Interlocutory Applications (IAs) filed in connection with the…

- **Court:** NCLT
- **Order date:** 21 Apr 2021
- **Citation:** TCN-2021-NCLT-02322
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gb-raja-top-weaving-private-limited-ma-824-2019-in-ia-302624-741742-809-1077-ib-a4a3172e

## Summary

### Background

The case involves multiple Interlocutory Applications (IAs) filed in connection with the Corporate Insolvency Resolution Process (CIRP) and subsequent liquidation of M/s. GB Raja Top Weaving Private Limited. The CIRP was initiated on 2019-03-15, and Mr. C. Ramasubramaniam was appointed as the Interim Resolution Professional (IRP). Later, Mr. Mahalingam Suresh Kumar was appointed as the Resolution Professional (RP) and subsequently as the Liquidator. The company was ordered for liquidation on 2019-08-29. The IAs address issues such as the removal of Income Tax attachments on the corporate debtor's properties, the execution of a sale deed in favor of the successful bidder (M/s. Seyyon Hitech Poly Fabs Private Limited), and a scheme of compromise/arrangement proposed by

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## Facts

The Corporate Insolvency Resolution Process (CIRP) for M/s. GB Raja Top Weaving Private Limited was initiated on 2019-03-15. Mr. C. Ramasubramaniam was appointed as the Interim Resolution Professional (IRP), followed by Mr. Mahalingam Suresh Kumar as the Resolution Professional (RP). The Committee of Creditors (CoC) recommended liquidation, and the Tribunal ordered liquidation on 2019-08-29, appointing Mr. Mahalingam Suresh Kumar as the Liquidator. The Liquidator issued a public announcement and received claims from stakeholders, including State Bank of India (financial creditor) and GHCL Ltd. (operational creditor). The Liquidator conducted e-auctions, and M/s. Seyyon Hitech Poly Fabs Private Limited emerged as the successful bidder for Rs. 9,53,95,000/-. The Income

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## Issues and analysis

### Issue 1: Whether IA/302/2020 seeking removal of Income Tax attachment is maintainable after the Income Tax …

**Ratio:** When the cause of action no longer exists,

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**Reasoning:** The Income Tax Department has already lifted the attachment on the corporate debtor's

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**Interpretation:** An application is rendered infructuous when the relief sought is already

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**Application:** Since the Income Tax Department lifted the attachment, IA/302/2020 was

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## Parties

- **Judges:** R. VARADH…; Anil Ku…
- **Appellants:** Bharathan…
- **Respondents:** GB Raja Top…; M/s. GB Raja Top…

## Timeline

- **2019-03-15 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated for M/s. GB Raja Top Weaving…
- **2019-03-21 — Public Annou…**: Public announcement made in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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