# In the matter of Nagarjuna Oil Corporation Ltd. MA-223 &  481-2019 in TCP-10-IB-2017

> NCLT judgment dated 2019-07-25. Citation: TCN-2019-NCLT-02277. The case involves an application before the National Company Law Tribunal (NCLT), Chennai,…

- **Court:** NCLT
- **Order date:** 25 Jul 2019
- **Citation:** TCN-2019-NCLT-02277
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nagarjuna-oil-corporation-ltd-ma-223-481-2019-in-tcp-10-ib-2017-9ccfb9e0

## Summary

### Background

The case involves an application before the National Company Law Tribunal (NCLT), Chennai, concerning the corporate insolvency resolution process of Haldia Petrochemicals Ltd. The liquidator, V. Mahesh, sought permission to share the Asset Memorandum with prospective bidders after receiving responses to the invitation for expression of interest. An order from the NCLAT in Company Appeal (AT) Nos. 74 & 75 of 2019 granted the appellant liberty to submit a scheme or revised scheme.

## Facts

Haldia Petrochemicals Ltd. is undergoing a corporate insolvency resolution process. V. Mahesh is the liquidator for Nagarjuna Oil Corp Ltd (NOCL). The liquidator sought permission from the NCLT to share the 'Asset Memorandum' with prospective bidders, citing responses received to the 'invitation of expression of interest'. An NCLAT order dated 2019-07-23 granted the appellant liberty to submit a scheme or revised scheme. The liquidator's request was based on Regulation 34(5) of the IBBI, Liquidation Process Regulation, 2016. The NCLT granted permission for sharing the Asset Memorandum, contingent on fulfilling the conditions for filing the EOI.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can grant permission to the liquidator to provide information …

**Ratio:** Regulation 34(5) of the IBBI, Liquidation Process Regulation, 2016, explicitly provides

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**Reasoning:** The court reasoned that the regulation empowers the Adjudicating Authority to grant such

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**Interpretation:** Regulation 34(5) is interpreted as granting discretionary power to the

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**Application:** The court applied the regulation by considering the liquidator's request and

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## Parties

- **Judges:** Ch. Mohd Sharief…
- **Respondents:** HALDIA PETROCHEMIC…; V.MAHESH LIQUIDATO…

## Timeline

- **2017-01-01 — Petition…**: TCP/10/IB/2017 petition…
- **2019-07-23 — NCLAT Or…**: NCLAT passed an order in Company Appeal (AT) Nos.74 & 75 of 2019, granting liberty to the…

## 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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