# In the matter of Arohi Infrastructures Private Limited IA(IBC)-514(CHE)-2022 in CP-672-IB-2017

> NCLT judgment dated 2022-06-20. Citation: TCN-2022-NCLT-02138. The case involves an application filed by the Liquidator of M/s. Arohi Infrastructure Private…

- **Court:** NCLT
- **Order date:** 20 Jun 2022
- **Citation:** TCN-2022-NCLT-02138
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/arohi-infrastructures-private-limited-iaibc-514che-2022-in-cp-672-ib-2017-89af394e

## Summary

### Background

The case involves an application filed by the Liquidator of M/s. Arohi Infrastructure Private Limited under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking permission for the corporate debtor to exit the liquidation process, hand over control to the erstwhile management, absolve the liquidator of responsibilities, transfer shares held by the 1st respondent to the 4th respondent, and allow the 4th respondent to remove existing directors and appoint nominees. The Corporate Insolvency Resolution Process (CIRP) was initiated on 20.03.2018 following an application by the 1st respondent under Section 7 of the IBC, with the applicant appointed as the Interim Resolution Professional. A liquidation order was passed on 05.12.2018 due to the absence of a

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## Facts

The Corporate Insolvency Resolution Process (CIRP) for Arohi Infrastructure Private Limited was initiated on 20.03.2018 based on an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) by Tata Capital Financial Services Private Limited (1st respondent). S. Rajendran was appointed as the Interim Resolution Professional and later as the Liquidator. A liquidation order was passed on 05.12.2018 due to the absence of a resolution plan. The Liquidator made public announcements, invited claims, and carried out asset valuations. Tata Capital Financial Services Private Limited submitted a claim of Rs.166,71,49,182/-, of which Rs. 129,42,67,603/- was admitted. Rabindra Kumar Samal (2nd respondent) filed a claim of Rs.9,50,000/-, which was fully admitted.

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## Issues and analysis

### Issue 1: Whether the present application permitting the corporate debtor to exit the liquidation process …

**Ratio:** The ratio is based on the principle that if all creditors are settled in full and the

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**Reasoning:** The reasoning is that the purpose of the IBC is to resolve insolvency and maximize the

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**Interpretation:** The interpretation is that the Adjudicating Authority has the discretion to

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**Application:** In this case, the 1st respondent withdrew their claim after a settlement was

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## Parties

- **Judges:** (Retd.) S.…; Shri. ANIL…
- **Appellants:** S. RAJE…
- **Respondents:** Arohi Infrastructu…; Tata Capital…

## Timeline

- **2018-03-20 — CIRP Init…**: Corporate Insolvency Resolution Process initiated based on application under Section 7 of…
- **2018-12-05 — Liquidation…**: Liquidation order passed due 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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