# In the matter of Neelkanth Township and Construction Private Limited IA No. 1577 of 2021 in C.P. (IB) 69-MB-2017

> NCLT judgment dated 2021-12-24. Citation: TCN-2021-NCLT-00014. The case involves an application filed by the Liquidator, Mr. Uday Vinodchandra Shah, under…

- **Court:** NCLT
- **Order date:** 24 Dec 2021
- **Citation:** TCN-2021-NCLT-00014
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/neelkanth-township-and-construction-private-limited-ia-no-1577-of-2021-in-cp-ib-0619bffc

## Summary

### Background

The case involves an application filed by the Liquidator, Mr. Uday Vinodchandra Shah, under Regulation 33(2) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, seeking permission to conduct a private sale of the assets of the Corporate Debtor, Neelkanth Township & Construction Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2017-04-21 upon admission of a petition under Section 7 of the Code. The applicant was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. As no resolution plan was approved by the CoC within the statutory period, the applicant filed an application for liquidation of the Corporate Debtor, which was allowed on

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## Facts

The Liquidator, Mr. Uday Vinodchandra Shah, filed an application seeking permission to conduct a private sale of the assets of the Corporate Debtor, Neelkanth Township & Construction Private Limited. The CIRP was initiated on 2017-04-21. The applicant was appointed as the IRP and later confirmed as the Resolution Professional. No resolution plan was approved, leading to the liquidation of the Corporate Debtor on 2020-09-03, with the applicant appointed as Liquidator. The assets include land in Alibaug and shares in Urban Rupi Infrastructure Private Limited. The Liquidator attempted public auctions on 2019-07-18 and 2019-12-10, but received no bids. A third auction was held on 2021-03-01 and a fourth on 2021-03-25. Leisure Enterprisers LLP expressed interest in

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## Issues and analysis

### Issue 1: Whether the Liquidator can be permitted to sell the assets of the Corporate Debtor through a …

**Ratio:** Regulation 33(2) of the Insolvency and Bankruptcy Board of India (Liquidation Process)

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**Reasoning:** The court considered that the proposed buyer, Leisure Enterprisers LLP, is a related

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**Interpretation:** Regulation 33(2) provides a mechanism for private sales under specific

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**Application:** In this case, the Liquidator sought permission from the Adjudicating Authority

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## Parties

- **Judges:** Bhaskara Pantula…; Narender Kumar…
- **Appellants:** Uday Vinodchandra…
- **Respondents:** Neelkanth…
- **Advocates:** Vikram Na…

## Timeline

- **2017-04-21 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated upon admission of a petition…
- **2020-09-03 — Liquidation…**: Tribunal allowed the application for liquidation and appointed the applicant as the…

## 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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