# In the matter of Aditi Health Oils Private Limited

> NCLT judgment dated 2023-08-28. Citation: TCN-2023-NCLT-01885. The case involves an application filed by Mr. Ajay Kumar Agarwal, a director and shareholder of…

- **Court:** NCLT
- **Order date:** 28 Aug 2023
- **Citation:** TCN-2023-NCLT-01885
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aditi-health-oils-private-limited-16ff408f

## Summary

### Background

The case involves an application filed by Mr. Ajay Kumar Agarwal, a director and shareholder of Aditi Health Oils Private Limited (the Corporate Debtor), against Mr. Krishna Kumar Chhaparia, the liquidator of the same company. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on November 21, and subsequently entered liquidation on January 12, 2021. The applicant sought to restrain the liquidator from holding an auction scheduled for July 27, 2023, and requested the provision of the valuation report of the Corporate Debtor during CIRP, as well as a fresh valuation of the Corporate Debtor.

## Facts

Mr. Ajay Kumar Agarwal, a director and shareholder of Aditi Health Oils Private Limited, filed an application against the liquidator, Mr. Krishna Kumar Chhaparia, seeking to restrain an auction and obtain valuation reports. Aditi Health Oils Private Limited entered CIRP on November 21 and liquidation on January 12, 2021. The applicant argued that liquidation valuations were flawed and lower than actual asset values, presenting an e-Assessment Slip indicating higher values. The liquidator argued that the assets were part of a complex with other companies, requiring a surveyor, and that valuations were done by IBBI-registered valuers. Stakeholders had advised using the same valuers as during CIRP. The applicant claimed the reserve price in the sale notice was based on

…

## Issues and analysis

### Issue 1: Whether the applicant's claim regarding the valuation of the Corporate Debtor's assets is …

**Ratio:** The burden of proof lies on the applicant to provide sufficient evidence to support their

…

**Reasoning:** The Adjudicating Authority found that the e-Assessment Slip submitted by the applicant

…

**Interpretation:** The court interpreted the evidence presented by the applicant and determined

…

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

…

## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Appellants:** Ajay Kumar…
- **Respondents:** ADITI HEALTH OILS…; Krishna Kumar…
- **Advocates:** Manju Bhu…; Kuldip Ma…; +2 more

## Timeline

- **2021-01-12 — Corporate Debtor enters…**: Aditi Health Oils Private…
- **2023-06-19 — Order by Adjudicating…**: The Adjudicating Authority ordered the handing over of the valuation report done during…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aditi-health-oils-private-limited-16ff408f