# In the matter of Aditi Oil Extraction Private Limited

> NCLT judgment dated 2024-03-20. Citation: TCN-2024-NCLT-02017. The case pertains to an application filed under Section 60(5) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 20 Mar 2024
- **Citation:** TCN-2024-NCLT-02017
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aditi-oil-extraction-private-limited-ed1e6536

## Summary

### Background

The case pertains to an application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 45 (3) (b) of the Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The application seeks to take on record the Closure Report submitted by the Applicant as a Liquidator of the Corporate Debtor. The liquidation of Aditi Oil Extraction Private Limited was initiated following an order dated February 2, 2021, by the NCLT. Surendra Kumar Agarwal was initially appointed as the Liquidator but later relinquished his responsibility. Krishna Kumar Chhaparia was appointed as the new Liquidator on November 3, 2021.

## Facts

On February 2, 2021, the NCLT ordered the liquidation of Aditi Oil Extraction Private Limited and appointed Surendra Kumar Agarwal as the Liquidator. On August 17, 2021, during the 1st Stakeholder's Consultation Committee (SCC) Meeting, the Liquidator expressed his wish to relinquish his responsibility. On November 3, 2021, Krishna Kumar Chhaparia was appointed as the new Liquidator. Anmol Healthcare Private Limited was declared the successful bidder in the 6th e-auction for the sale of land of Aditi Oil Extraction Pvt Ltd for Rs.61,75,000/-. RKPR Vinimay Pvt Ltd was declared the successful bidder in the 5th e-auction for the plant and machinery and factory shed. The Adjudicating Authority allowed an extension of the liquidation period until November 1, 2023. The 11th

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## Issues and analysis

### Issue 1: Whether the Closure Report submitted by the Liquidator of the Corporate Debtor should be taken on …

**Ratio:** Regulation 45(3) of the Insolvency and Bankruptcy Board of India Liquidation Process

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**Reasoning:** The court perused the Compliance Certificate as per Form-H under Regulation 45(3) and

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**Interpretation:** The regulation mandates the submission of a closure report to ensure

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**Application:** The court applied the regulation to the facts of the case and found that the

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** International…
- **Respondents:** Aditi Oil…

## Timeline

- **2021-02-02 — Liquidation…**: NCLT ordered Liquidation of the Corporate Debtor and appointed Mr. Surendra Kumar Agarwal…
- **2021-08-17 — 1st SCC M…**: Liquidator wished to…

## 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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