# In the matter of Aaj Ka Anand Papers Ltd.

> NCLT judgment dated 2024-03-13. Citation: TCN-2024-NCLT-02060. The case involves an application (IA-3084/2023) filed under Section 60(5) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 13 Mar 2024
- **Citation:** TCN-2024-NCLT-02060
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aaj-ka-anand-papers-ltd-20ebc616

## Summary

### Background

The case involves an application (IA-3084/2023) filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, concerning the liquidation of Aaj Ka Anand Papers Ltd. The Corporate Debtor had availed financial assistance from State Bank of India (SBI) and other lenders but defaulted, leading to its account being declared NPA on 29th September 2014. SBI initiated CIRP against the Corporate Debtor on 12th April 2021, which was admitted on 31st March 2022. The applicant alleges that the liquidator, Mr. Jitender Kumar Jain, has committed misconduct and failed to comply with the orders of the Tribunal, specifically regarding the sale of the Corporate Debtor as a going concern.

## Facts

Aaj Ka Anand Papers Limited (Corporate Debtor) was incorporated on 14th December 1993. The Corporate Debtor availed financial assistance from State Bank of India (SBI) and other lenders. The Corporate Debtor defaulted in repayments, and its account was declared NPA on 29th September 2014 by SBI. SBI filed a petition under Section 7 of the IBC on 12th April 2021, which was admitted on 31st March 2022, initiating CIRP. Mrs. Vineeta Maheshwari was appointed as the Interim Resolution Professional (IRP). The IRP sought directions under Section 19 (2) and 60 (5) of the IBC. The IRP was later confirmed as the Resolution Professional. The Resolution Professional sought multiple extensions to complete the CIRP process. Resolution applications were invited and scrutinised, but

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## Issues and analysis

### Issue 1: Whether the liquidator, Mr. Jitender Kumar Jain, has breached the order dated 12th April 2023 by …

**Ratio:** The ratio is based on the principle that a liquidator, being an officer of the

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**Reasoning:** The Tribunal's reasoning is based on the fact that the order dated 12th April 2023

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**Interpretation:** The interpretation of the order dated 12th April 2023 is that the liquidator

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**Application:** In this specific case, the applicant argues that the liquidator's actions

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** Hiren Anand…
- **Respondents:** Aaj Ka Anand…; Jitender Kumar…
- **Advocates:** Mayank…; Chintan C…; +2 more

## Timeline

- **1993-12-14 — Incorporation of…**: Aaj Ka Anand Papers Limited…
- **2014-09-29 — Account Decla…**: The account of Corporate Debtor…

## 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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