# In the matter of PSL Limited IA 671 of 2021 in CP (IB) No. 37-NCLT-AHM-2017

> NCLT judgment dated 2021-10-05. Citation: TCN-2021-NCLT-00856. The application IA 671 of 2021 is filed in CP(IB) 37 of 2017, seeking correction/modification…

- **Court:** NCLT
- **Order date:** 5 Oct 2021
- **Citation:** TCN-2021-NCLT-00856
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/psl-limited-ia-671-of-2021-in-cp-ib-no-37-nclt-ahm-2017-9176bca8

## Summary

### Background

The application IA 671 of 2021 is filed in CP(IB) 37 of 2017, seeking correction/modification in the findings related to the sale of the Corporate Debtor, PSL Limited, as a going concern. The existing findings pertained to the approval of the sale of the Corporate Debtor as a going concern for a consideration of Rs. 425.50 Crores plus net Current Operations Liabilities (Cap upto Rs. 25 lakh). It also addressed the extinguishment of existing share capital held by promoters/their associate concerns and non-public shareholders, maintaining public shareholding as per SEBI/IBBI guidelines.

## Facts

Lucky Holdings Private Limited filed an application (IA 671 of 2021) seeking correction/modification in the findings related to the sale of PSL Limited, the Corporate Debtor, as a going concern. The initial findings approved the sale for Rs. 425.50 Crores plus net Current Operations Liabilities (Cap upto Rs. 25 lakh). The findings also addressed the extinguishment of existing share capital held by promoters/their associate concerns and non-public shareholders, while maintaining public shareholding as per SEBI/IBBI guidelines. The applicant sought modifications to these findings. The court considered the submissions and modified the findings, approving the sale and specifying that 95% shareholding of the Corporate Debtor will be held by the successful auction bidder,

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## Issues and analysis

### Issue 1: Whether the existing findings related to the sale of the Corporate Debtor as a going concern should …

**Ratio:** The court has the power to modify its findings based on submissions made by the

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**Reasoning:** The court considered the submissions made by the applicant and found it necessary to

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**Interpretation:** This issue involves interpreting the scope of the court's power to modify its

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**Application:** The court applied this principle by modifying the findings to specify the

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Lucky Holdings…
- **Respondents:** PSL Lim…; Nitin…

## Timeline

- **2017-01-01 — CP(IB) F…**: CP(IB) 37 of 2017 was…
- **2021-10-04 — Hearing…**: Date of Hearing:…

## 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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