# In the matter of Jain Granites and Projects India Ltd. MA-279-2019 & MA-464-2018 In CP-618-IB-2017

> NCLT judgment dated 2019-04-08. Citation: TCN-2019-NCLT-04044. The liquidator filed an application stating that they could not sell the entire assets of the…

- **Court:** NCLT
- **Order date:** 8 Apr 2019
- **Citation:** TCN-2019-NCLT-04044
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jain-granites-and-projects-india-ltd-ma-279-2019-ma-464-2018-in-cp-618-ib-2017-025eec1b

## Summary

### Background

The liquidator filed an application stating that they could not sell the entire assets of the company, except for two vehicles (motorcycle and scooter), in an e-auction held on December 24, 2018. Having failed to sell all the stock of the company in the auction, the liquidator, after discussing with the stakeholder (Indian Overseas Bank), appointed a valuer to value the assets of the company, which were valued at approximately ₹18,00,000.

## Facts

The liquidator was unable to sell all assets of the company, except two vehicles, in an e-auction held on 2018-12-24. The liquidator consulted with Indian Overseas Bank, a stakeholder, and appointed a valuer. The assets were valued at approximately ₹18,00,000. The liquidator sought permission to sell the remaining stock either through a 'slump sale' or by selling assets in parcels to prevent further depreciation. The relevance of these facts lies in the need to liquidate the company's assets efficiently and prevent further loss of value.

## Issues and analysis

### Issue 1: Whether the liquidator should be allowed to sell the company's remaining stock either on a 'slump …

**Ratio:** The court has the discretion to allow the liquidator to sell the assets in a manner that

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**Reasoning:** The court reasoned that allowing the liquidator to sell the stock either on a 'slump sale

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**Interpretation:** This legal issue involves the interpretation of the liquidator's powers and the

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Appellants:** MADHU DESIKAN…
- **Respondents:** JAIN GRANITES AND…

## Timeline

- **2018-12-24 — E-auction…**: E-auction was held where the liquidator could not sell the entire assets of the company…
- **2019-04-08 — Order Da…**: The NCLT Chennai Bench allowed the liquidator's application to sell the stock either on a…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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