# In the matter of Norton Aluminium (INDIA) Private Limited IA No. 1085 of 2021 in C.P. (IB) No. 1615-MB-2017

> NCLT judgment dated 2021-12-24. Citation: TCN-2021-NCLT-00013. The case pertains to an application filed by the liquidator of Norton Aluminium (India) Private…

- **Court:** NCLT
- **Order date:** 24 Dec 2021
- **Citation:** TCN-2021-NCLT-00013
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/norton-aluminium-india-private-limited-ia-no-1085-of-2021-in-cp-ib-no-1615-mb-20-abfd9d29

## Summary

### Background

The case pertains to an application filed by the liquidator of Norton Aluminium (India) Private Limited, seeking permission to conduct a private sale of the corporate debtor's assets. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2018-06-22, and the applicant was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional. As no resolution plan was approved, the applicant filed an application for liquidation, which was allowed on 2019-05-29, and the applicant was appointed as the liquidator.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Norton Aluminium (India) Private Limited was initiated on 2018-06-22. The applicant was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional. Due to the absence of an approved resolution plan, the applicant filed an application for liquidation, which was approved on 2019-05-29, and the applicant was appointed as the liquidator. The liquidator attempted to sell the corporate debtor's assets through e-auctions, but these attempts were unsuccessful. The State Bank of India (SBI), the sole secured financial creditor, also attempted to sell the land and building through auctions under the SARFAESI Act, but these attempts were also unsuccessful. The liquidator received an offer

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## Issues and analysis

### Issue 1: Whether the liquidator can be permitted to conduct a private sale of the corporate debtor's assets …

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

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**Reasoning:** The court reasoned that multiple attempts at public auction by the liquidator and SBI

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**Interpretation:** Regulation 33(2)(d) provides an exception to the general rule that assets

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**Application:** In this case, the court applied Regulation 33(2)(d) to the facts, noting the

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## Parties

- **Judges:** Bhaskara Pantula…; Narender Kumar…
- **Appellants:** Dhiren Shantilal…
- **Respondents:** Norton Aluminium…

## Timeline

- **2018-06-22 — CIRP Init…**: Corporate Insolvency…
- **2019-05-29 — Liquidation…**: Liquidation order passed, and…

## 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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