# In the matter of U. I. Beverages Private Limited

> NCLT judgment dated 2023-07-06. Citation: TCN-2023-NCLT-05354. The case involves applications (IA No.460/2021, 192/2022 and 508/2022) filed by Mr. Rajnishpal…

- **Court:** NCLT
- **Order date:** 6 Jul 2023
- **Citation:** TCN-2023-NCLT-05354
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/u-i-beverages-private-limited-74b2c484

## Summary

### Background

The case involves applications (IA No.460/2021, 192/2022 and 508/2022) filed by Mr. Rajnishpal Singh Dhaliwal, Promoter and Suspended Director of UI Beverages Private Limited, against the Committee of Creditors (CoC), Mr. Rajiv Bhambri (Resolution Professional), and UI Beverages Private Limited.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against UI Beverages Private Limited on 02.03.2020.

Mr. Rajeev Bhambri was appointed as Interim Resolution Professional.

The applicant (Mr. Rajnishpal Singh Dhaliwal) submitted an Expression of Interest jointly with other promoters.

The resolution plan submitted by the applicant was rejected by the CoC on 14.01.2021, and a resolution for liquidation was passed.

The promoter submitted an OTS proposal, which was revised to Rs. 15.60 crores on 28.10.2020.

The applicant challenged the appointment of Mr. Sanjay Kumar Aggarwal as Liquidator.

The applicant sought to nullify the appointment of M/s B Rattan & Associates for the conduct of the forensic audit.

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## Issues and analysis

### Issue 1: Whether the resolution dated 14.01.2021 for the liquidation should be stayed and the financial …

**Ratio:** Submitting a proposal for OTS is not a matter of right for stalling any proceedings under

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**Reasoning:** The proceedings under the code are strictly time bound and any delay in the same will

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**Interpretation:** The Tribunal interpreted that the prayer for stalling liquidation proceedings

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**Application:** The Tribunal applied this interpretation to dismiss the applicant's request for

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Rajnishpal Singh…; Nilkamal L…
- **Respondents:** U I Beverages…; Committee of…; +2 more
- **Other parties:** Committee of…; Sanjay Kumar…; +1 more
- **Advocates:** Rajat C…

## Timeline

- **2020-03-02 — CIRP Init…**: Corporate Insolvency Resolution Process was…
- **2020-09-14 — Resolution Plan…**: Last date for submission…

## 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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