# In the matter of Innoventive Industries Ltd. MA 614-2019 in CP.(IB) 01-(MB)-2016

> NCLT judgment dated 2019-04-22. Citation: TCN-2019-NCLT-03785. The case pertains to MA 614/2019 filed by the Liquidator under Regulation 31(3) of…

- **Court:** NCLT
- **Order date:** 22 Apr 2019
- **Citation:** TCN-2019-NCLT-03785
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/innoventive-industries-ltd-ma-614-2019-in-cpib-01-mb-2016-599fa905

## Summary

### Background

The case pertains to MA 614/2019 filed by the Liquidator under Regulation 31(3) of IBBI(Liquidation Process) Regulations, 2016, read with Section 60(5) of IBC, 2016, seeking modification of entries in the list of stakeholders of the Corporate Debtor, Innoventive Industries Ltd, which is undergoing liquidation. The liquidation order was initially passed on 2017-12-08, challenged before NCLAT, and subsequently upheld by the Supreme Court. Public announcements were made as per Regulation 12(1) of IBBI (Liquidation Process) Regulations, 2016, inviting stakeholders to submit their claims. The liquidator received and verified claims, submitting revised lists of stakeholders on multiple dates.

## Facts

The Corporate Debtor, Innoventive Industries Ltd, is undergoing liquidation. An order for liquidation was passed on 2017-12-08. This order was challenged before the NCLAT and subsequently the Supreme Court, but the liquidation order was ultimately upheld. Following the initial liquidation order, public announcements were made on 2017-12-13, inviting stakeholders to submit their claims. The Liquidator received claims, reconciled them, and submitted lists of stakeholders. The Liquidator then filed MA 614/2019 seeking permission to revise the list of stakeholders under Regulation 31(3) of the IBBI (Liquidation Process) Regulations, 2016, because additional claims were received. The application is based on the premise that the liquidation process was challenged and sub

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## Issues and analysis

### Issue 1: Whether the Liquidator is entitled to revise the list of stakeholders under Regulation 31(3) of the …

**Ratio:** Regulation 31(3) of the Liquidation Process Regulations, 2016, permits the Adjudicating

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**Reasoning:** The court reasoned that since the liquidation process was challenged and sub judice

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**Interpretation:** Regulation 31(3) provides a mechanism for the Liquidator to update the list of

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**Application:** The court applied Regulation 31(3) to the facts of the case, noting that the

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## Parties

- **Judges:** V. P. S…; RavikumarDu…
- **Respondents:** Innoventive…

## Timeline

- **2017-12-08 — Liquidation…**: Tribunal passed an order for liquidation of the Corporate Debtor under Section 33 of the…
- **2018-01-01 — Challenge to Liquidation…**: Liquidation order was challenged before…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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