# In the matter of Apple Industries Ltd.

> NCLT judgment dated 2024-03-21. Citation: TCN-2024-NCLT-01989. The case involves I.A. No. 5137/ND/2023 and I.A. No. 3446/ND/2022 in Company Petition No.…

- **Court:** NCLT
- **Order date:** 21 Mar 2024
- **Citation:** TCN-2024-NCLT-01989
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/apple-industries-ltd-c79f9cf4

## Summary

### Background

The case involves I.A. No. 5137/ND/2023 and I.A. No. 3446/ND/2022 in Company Petition No. (IB)-204(ND)/2019 filed by M/s Pooran Trading Pvt. Ltd. against M/s Apple Industries Ltd., the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted on 13.03.2019, and the Corporate Debtor was ordered to be liquidated on 13.02.2020. The Liquidator, Rakesh Kumar Singala, sought closure of the liquidation process and extinguishment of outstanding liabilities of the Corporate Debtor after the sale of the Corporate Debtor as a going concern. The applicant sought amendment in the prayers of IA No. 3446 of 2022.

## Facts

M/s Pooran Trading Pvt. Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against M/s Apple Industries Ltd. under Section 7 of the IBC, which was admitted on 13.03.2019. The CIRP culminated in the liquidation of the Corporate Debtor on 13.02.2020. The Liquidator, Rakesh Kumar Singala, conducted an E-Auction for the sale of the Corporate Debtor as a going concern. The E-Auction was conducted on 01.03.2021, and M/s RMY Industries LLP emerged as the Successful Bidder with a bid of Rs. 84,75,00,000/-. The Liquidator issued a Letter of Intent (LoI) on 06.03.2021. The Successful Bidder made full payment, and the Liquidator issued a Sale Certificate. The liquidation value of the liquidation estate was Rs. 54,97,26,228/-, and the amount realized from the

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## Issues and analysis

### Issue 1: Whether this tribunal has the jurisdiction to adjudicate upon the claims of the Applicant(s) for …

**Ratio:** The Hon'ble NCLAT has held that the Adjudicating Authority is empowered to consider any

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**Reasoning:** The Hon'ble NCLAT in the referred order of M/s Shiv Shakti Inter Globe Exports Pvt.

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**Interpretation:** This interpretation clarifies that the NCLT has the authority to address claims

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**Application:** The Adjudicating Authority is empowered to consider the prayer for relief and

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. SUBRATA KUMAR…
- **Appellants:** M/s Pooran…
- **Respondents:** M/s Apple…

## Timeline

- **2019-03-13 — Admission of…**: The petition filed by M/s Pooran Trading Pvt. Ltd. against M/s Apple Industries Ltd. was…
- **2020-02-13 — Liquidation…**: The Corporate Debtor, M/s Apple…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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