# In the matter of Ajudhia Distributors Private Limited IA (IB) No. 162-KB-2020 in CP (IB) No. 181-KB-2017

> NCLT judgment dated 2022-02-28. Citation: TCN-2022-NCLT-03950. The case involves an application filed under section 54(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 28 Feb 2022
- **Citation:** TCN-2022-NCLT-03950
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ajudhia-distributors-private-limited-ia-ib-no-162-kb-2020-in-cp-ib-no-181-kb-201-b6f23760

## Summary

### Background

The case involves an application filed under section 54(2) of the Insolvency and Bankruptcy Code, 2016, read with regulation 45(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, by the Liquidator of Ajudhia Distributors Private Limited. The Adjudicating Authority had admitted the Corporate Debtor under Corporate Insolvency Resolution Process (CIRP) on 01.05.2017, appointing Mr. Arun Kumar Khandelia as Interim Resolution Professional. Subsequently, his appointment was confirmed. Due to non-cooperation by the Corporate Debtor, a resolution plan could not be prepared within the stipulated 180 days, leading to a liquidation order on 15.12.2017, with Mr. Arun Kumar Khandelia appointed as Liquidator. The application seeks

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## Facts

Ajudhia Distributors Private Limited underwent Corporate Insolvency Resolution Process (CIRP) after being admitted by the Adjudicating Authority on 01.05.2017. Mr. Arun Kumar Khandelia was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. Due to the Corporate Debtor's non-cooperation, a resolution plan could not be formulated within the stipulated 180 days. Consequently, a liquidation order was issued on 15.12.2017, and Mr. Khandelia was appointed as the Liquidator. Public announcement of the liquidation was made on 20.12.2017. The Liquidator admitted three claims: one secured Financial Creditor, one unsecured Financial Creditor, and one Operational Creditor. A list of stakeholders was submitted on 24.01.2020. The

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## Issues and analysis

### Issue 1: Whether the delay beyond 2 years in the …

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

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**Reasoning:** The court considered the submissions of the liquidator and the progress made in the

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**Interpretation:** The interpretation of the regulations and the Code allows the Adjudicating

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**Application:** The court, by considering the application despite the delay, implicitly applied

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Radico Khaitan…
- **Respondents:** Ajudhia Distributo…

## Timeline

- **2017-05-01 — Admission in…**: Adjudicating Authority admitted the Corporate Debtor under Corporate Insolvency…
- **2017-12-15 — Liquidation…**: An order of liquidation…

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