# In the matter of Adi Ispat Private Limited

> NCLT judgment dated 2024-05-10. Citation: TCN-2024-NCLT-01368. The case pertains to an Interlocutory Application No. 240/KB/2024 filed in Company Petition…

- **Court:** NCLT
- **Order date:** 10 May 2024
- **Citation:** TCN-2024-NCLT-01368
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/adi-ispat-private-limited-160ac7d0

## Summary

### Background

The case pertains to an Interlocutory Application No. 240/KB/2024 filed in Company Petition (IB) No. 1172/KB/2019 before the National Company Law Tribunal (NCLT), Kolkata. The application is filed under section 60 (5)(c) read with Section 35(1) of the Insolvency and Bankruptcy Code, 2016 and Regulations 32A and 33 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 along with Rule 11 of the National Company Law Tribunal Rules, 2016. The liquidator invited bids for the sale of the Corporate Debtor as a 'going concern' by an e-auction. The applicant emerged as the Successful Auction Purchaser being the Highest bidder with a Bid amount of Rs. 15,00,00,000/-.

## Facts

1. On 01.11.2022, the liquidator invited bids for the sale of Adi Ispat Private Limited (Corporate Debtor) as a 'going concern' through an e-auction. The commencement date of the e-auction was 25.10.2021.
2. On 28.11.2022, the e-auction process concluded with ASL Enterprised Limited (Applicant) emerging as the Successful Auction Purchaser, having submitted the highest bid of Rs. 15,00,00,000/-, which was deposited on 31.12.2022.
3. The liquidator acknowledged the receipt of the full consideration for the auction sale of the Corporate Debtor on 31.12.2022.
4. On 04.02.2023, the liquidator issued a possession letter along with the Sale certificate to the Applicant.
5. The applicant is seeking the status of sale of the company in terms of the sale certificate issued by the

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## Issues and analysis

### Issue 1: Whether the applicant, as the successful auction purchaser, is entitled to the reliefs and …

**Ratio:** The legal principle applied is based on precedents set by NCLAT and NCLT, which recognize

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**Reasoning:** The court reasoned that granting certain reliefs and concessions is necessary to ensure

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**Interpretation:** The interpretation involves understanding the scope and applicability of

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**Application:** The ratio and reasoning were applied to the specific facts of the case,

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** State Bank of…
- **Respondents:** Adi Ispat Private…; Daulat Ram Jain,…

## Timeline

- **2021-10-25 — E-Auction Comm…**: Commencement date of E-auction for…
- **2022-11-01 — Bids Inv…**: Liquidator invited bids for the sale of the Corporate Debtor as a 'going concern' by an…

## 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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