# In the matter of Pratibha Industries Ltd. IA 393-2022 in C.P. (IB) 3558-MB-2018

> Read the full IBC case summary for In the matter of Pratibha Industries Ltd. IA 393-2022 in C.P. (IB) 3558-MB-2018. NCLT judgment dated 2022-06-03. Citation:…

- **Court:** NCLT
- **Order date:** 3 Jun 2022
- **Citation:** TCN-2022-NCLT-04712
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pratibha-industries-ltd-ia-393-2022-in-cp-ib-3558-mb-2018-99b81476

## Summary

### Background

The case involves an e-auction process where the applicant was declared the successful highest bidder. The application was taken up for priority hearing due to the approaching deadline for completing the e-auction process and depositing the balance consideration.

## Facts

The applicant, Bank of Baroda, was declared the Successful Highest Bidder in the e-auction process of the Corporate Debtor, Pratibha Industries Ltd, with a final bid of Rs. 150.10 Crores. The applicant contended that the case needed to be heard on priority as the 90th day to complete the e-auction process was falling on June 5, 2022.

During the hearing of IA 1469/2022, the NCLT found it necessary to have an Affidavit in Reply from the respondent (Liquidator) due to the thorough consideration required for the subject matter. The applicant's Senior Advocate, Mr. Vikram Nankani, stated that the balance consideration of Rs. 67.86 Crores, along with 12% interest, would be payable by the 90th day.

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## Issues and analysis

### Issue 1: Whether the applicant should be allowed to deposit the balance consideration for the e-auction…

**Ratio:** The applicant is allowed to deposit the balance amount of Rs. 67.86 Crores along with 12%…

**Reasoning:** The court considered the urgency of the matter, noting that the 90th day for completing…

**Interpretation:** The court interpreted the situation as requiring an immediate interim direction…

**Application:** The applicant was directed to deposit the specified amount by the given date,…

## Parties

- **Judges:** Sh. K. K.…; P.N. Des…
- **Advocates:** For the Applicant…; Sanjay…; +4 more

## Timeline

- **June 3, 2022 — Hearing…**: Order sheet of the hearing on…
- **June 5, 2022 — 90th Day De…**: The 90th day to complete the…

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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/pratibha-industries-ltd-ia-393-2022-in-cp-ib-3558-mb-2018-99b81476