# In the matter of Ariston Pharma Nova Tech Private Limited

> NCLT judgment dated 2024-10-16. Citation: TCN-2024-NCLT-00421. The case involves an application filed under Regulation 45(3)(a) of the IBBI (Liquidation…

- **Court:** NCLT
- **Order date:** 16 Oct 2024
- **Citation:** TCN-2024-NCLT-00421
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ariston-pharma-nova-tech-private-limited-20bacc2f

## Summary

### Background

The case involves an application filed under Regulation 45(3)(a) of the IBBI (Liquidation Process) Regulations, 2016, by the Liquidator of Ariston Pharma Nova Tech Private Limited, seeking closure of the liquidation process. The Corporate Debtor was admitted into CIRP on 18.01.2023, and Mr. Manjeet Bucha was appointed as IRP. A public announcement was made, inviting claims from creditors. The CoC was formed, and the IRP was appointed as RP on 16.02.2023, confirmed on 27.03.2023. The resolution plan was not approved, and the CIRP failed. Liquidation was initiated on 25.12.2023, and Mr. Rajesh Chillale was appointed as the Liquidator.

## Facts

Ariston Pharma Nova Tech Private Limited was admitted into Corporate Insolvency Resolution Process (CIRP) on 18.01.2023. The CIRP failed because the resolution plan was not approved by the Committee of Creditors (CoC). Consequently, liquidation was initiated, and Mr. Rajesh Chillale was appointed as the Liquidator. The Liquidator made public announcements, formed a Stakeholders Consultation Committee, and prepared a Preliminary Report and Asset Memorandum. An e-auction was conducted, and Mr. Shankar Sharma emerged as the successful bidder for the sale of the Corporate Debtor as a going concern for Rs. 57,03,000/-. The Liquidator transferred the Corporate Debtor to Mr. Shankar Sharma and issued a Sale Certificate dated 24.07.2024. The full sale consideration was

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## Issues and analysis

### Issue 1: Whether the application for closure of the liquidation process of the Corporate Debtor, Ariston …

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

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**Reasoning:** The court perused the Final Report and found that the Liquidator had sold the Corporate

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**Interpretation:** Regulation 45(3)(a) provides a specific pathway for closing liquidation

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**Application:** Since the Liquidator sold Ariston Pharma Nova Tech Private Limited as a going

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Granules In…
- **Respondents:** Ariston Pharma…; Ariston Pharma…

## Timeline

- **2023-01-18 — Admission in…**: The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) by…
- **2023-01-21 — Public Annou…**: The IRP issued a public announcement…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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