# In the matter of Tirupati Ceramics Ltd. CA No. 584-2019 in CP (IB) No. 50-Chd-Hry-2017

> NCLT judgment dated 2020-11-24. Citation: TCN-2020-NCLT-00216. The case pertains to CA No. 584/2019 filed in CP (IB) No. 50/Chd/Hry/2017 by the…

- **Court:** NCLT
- **Order date:** 24 Nov 2020
- **Citation:** TCN-2020-NCLT-00216
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tirupati-ceramics-ltd-ca-no-584-2019-in-cp-ib-no-50-chd-hry-2017-ea4f1a09

## Summary

### Background

The case pertains to CA No. 584/2019 filed in CP (IB) No. 50/Chd/Hry/2017 by the applicant/liquidator, Amit Sharma, regarding M/s. Tirupati Ceramics Ltd. The main Company Petition bearing CP (IB) No. 50/Chd/Hry/2017 was filed by Sahara Fincon Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority admitted the petition on 29.09.2017, initiating the Corporate Insolvency Resolution Process (CIRP) and declaring a moratorium. Amit Sharma was appointed as the Interim Resolution Professional (IRP) on 11.10.2017 and later confirmed as the Resolution Professional (RP). Subsequently, on 22.03.2018, he was appointed as the Liquidator.

## Facts

Sahara Fincon Pvt. Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against Tirupati Ceramics Ltd. under Section 7 of the IBC, which was admitted on 2017-09-29. Amit Sharma was appointed as the Interim Resolution Professional (IRP) and later as the Liquidator. The liquidator made public announcements and invited claims from financial and operational creditors. The assets of Tirupati Ceramics Ltd. were valued, and e-auctions were conducted to sell the assets, including land, building, scrap, office equipment, and furniture. The land and building were realized at ₹18,76,00,000/-, and scrap, office equipment, and furniture were realized at ₹17,65,000/-. The liquidator submitted asset sale reports. The liquidator collated and submitted a revised list of

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## Issues and analysis

### Issue 1: Whether the liquidation process of the Corporate Debtor, M/s. Tirupati Ceramics Limited, has been …

**Ratio:** The ratio is based on the successful completion of the liquidation process as per the

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**Reasoning:** The court reasoned that the liquidator had followed the due process of liquidation,

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**Interpretation:** The interpretation is that if the liquidator has followed all the necessary

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**Application:** In this case, the liquidator had made public announcements, invited claims from

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## Parties

- **Judges:** Ajay Kumar…; RAGHU N…; +1 more
- **Appellants:** Sahara Fincon…
- **Respondents:** Tirupati Ceramics…

## Timeline

- **2017-09-29 — CIRP Init…**: The Adjudicating Authority admitted the petition filed by Sahara Fincon Pvt. Ltd. under…
- **2017-10-11 — Appointment…**: Amit Sharma was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 206 — Enrolled and registered persons to act as…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-206)

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