# In the matter of Aditi Health Oils Private Limited

> NCLT judgment dated 2024-04-02. Citation: TCN-2024-NCLT-01889. The document pertains to a case before the National Company Law Tribunal (NCLT), Kolkata Bench,…

- **Court:** NCLT
- **Order date:** 2 Apr 2024
- **Citation:** TCN-2024-NCLT-01889
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aditi-health-oils-private-limited-06fe2e40

## Summary

### Background

The document pertains to a case before the National Company Law Tribunal (NCLT), Kolkata Bench, involving JM Financial Asset Reconstruction Company Limited versus Aditi Health Oils Private Limited. The case is under Section 7 of the Insolvency and Bankruptcy Code (IBC). The document includes a corrigendum order and discusses several Interlocutory Applications (IAs) related to the liquidation process of Aditi Health Oils Private Limited.

## Facts

The case involves JM Financial Asset Reconstruction Company Limited and Aditi Health Oils Private Limited. Several IAs were filed concerning the liquidation of Aditi Health Oils Private Limited. The liquidator submitted progress reports, and the court considered issues related to the extension of the liquidation period, the distribution of assets, and the closure of the liquidation process. The stakeholders committee agreed to allow the present liquidator to continue as their authorized representative. The assets of the Corporate Debtor have been sold and money has been distributed. The balance in account is shown as 'Zero'. The applicant alleges that the liquidator is in possession of the parcel of land being the plot nos: 4633 and 4634 jurisdiction liquidated at

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## Issues and analysis

### Issue 1: Whether the applications related to the progress reports submitted by the liquidator should be …

**Ratio:** The court has the power to review and dispose of applications related to the progress of

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**Reasoning:** The court reviewed the progress reports submitted by the liquidator and found them to be

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**Interpretation:** The court interprets its role as overseeing the liquidation process and

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**Application:** The court applied this principle by reviewing the 12th and 13th Progress

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** JM Financial…
- **Respondents:** ADITI HEALTH OILS…
- **Advocates:** Sudarshan Kumar…; K.K. Cha…; +4 more

## Timeline

- **2024-04-02 — Hearing…**: Attendance-cum-order sheet of the…
- **2024-03-05 — Order Da…**: Order dated 05th March, 2024, in para 5. “IA(I.B.C)/1120(KB)2020” will be deleted and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 66 — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66)

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