# In the matter of Bee Electronic Machines Limited CP (IB) 1152-MB-2017

> NCLT judgment dated 2022-08-12. Citation: TCN-2022-NCLT-01378. Mount Overseas Private Limited filed a petition under Sections 424 and 434 of the Companies…

- **Court:** NCLT
- **Order date:** 12 Aug 2022
- **Citation:** TCN-2022-NCLT-01378
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bee-electronic-machines-limited-cp-ib-1152-mb-2017-0e219a1a

## Summary

### Background

Mount Overseas Private Limited filed a petition under Sections 424 and 434 of the Companies Act, 2013, seeking directions for Respondent No. 1 (Bee Electronics Machines Limited) to transfer the right, title, and interest in subject properties after executing the Conveyance Deed and for Respondent No. 2 (Canara Bank) to execute sale deeds in favor of the Petitioner. The case originates from Respondent No. 1 being declared a sick industrial company and Respondent No. 2 being appointed as the Operating Agency (OA) by the BIFR. The Petitioner participated in a public auction conducted by Respondent No. 2 and submitted the highest bid, which was accepted by the BIFR. However, disputes arose regarding the execution of sale deeds and the refund of the bid amount after the

…

## Facts

Mount Overseas Private Limited (the Petitioner) filed a Company Petition (CP (IB) 1152/MB/2017) under Section 424 & Section 434 of the Companies Act, 2013, seeking directions against Bee Electronics Machines Limited (Respondent No. 1) and Canara Bank (Respondent No. 2). Respondent No. 1 was referred to the Board of Industrial and Financial Restructuring (BIFR) and declared a sick industrial company on 28.02.2006. Canara Bank (Respondent No. 2) was appointed as the Operating Agency (OA). In 2012, Respondent No. 1 had liabilities, and the BIFR permitted the sale of subject properties. On 29.11.2012, Respondent No. 2 advertised the sale and received five bids. The Petitioner submitted the highest bid of Rs.2.70 crores and issued an earnest money cheque of Rs.30 lakhs.

…

## Issues and analysis

### Issue 1: Whether the NCLT has jurisdiction to entertain the petition under Sections 424 and 434 of the …

**Ratio:** The NCLT has the power to invoke the provisions of Rule 11 of the NCLT Rules, 2016, which

…

**Reasoning:** The Tribunal reasoned that it is the appropriate body to determine matters relating not

…

**Interpretation:** The interpretation of the SICA Repeal Act suggests that it does not affect any

…

**Application:** The Tribunal applied this reasoning to the present case, noting that the SICA

…

## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** Mount Overseas…
- **Respondents:** Bee Electronics…

## Timeline

- **2006-02-28 — BIFR Ord…**: Respondent No.1 declared as a…
- **2012-01-01 — Liabilities of…**: Respondent No.1 had several liabilities…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bee-electronic-machines-limited-cp-ib-1152-mb-2017-0e219a1a