# In the matter of Bell Finvest (India) Limited

> NCLT judgment dated 2024-09-12. Citation: TCN-2024-NCLT-00612. The case pertains to an application filed under Regulation 45(3)(a) of the Insolvency &…

- **Court:** NCLT
- **Order date:** 12 Sept 2024
- **Citation:** TCN-2024-NCLT-00612
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bell-finvest-india-limited-0734910f

## Summary

### Background

The case pertains to an application filed under Regulation 45(3)(a) of the Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016, seeking the closure of the liquidation process of Duckbill Drugs Private Limited, the Corporate Debtor, which was sold as a 'Going Concern'. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 17.12.2019 based on an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016) by a financial creditor. No resolution plan was received, leading to a decision by the Committee of Creditors (CoC) on 17.12.2020 to liquidate the Corporate Debtor. An order for liquidation was passed on 13.04.2021, and a liquidator was appointed. The sale of the Corporate

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## Facts

Duckbill Drugs Private Limited, the Corporate Debtor, was admitted into Corporate Insolvency Resolution Process (CIRP) on 17.12.2019 based on an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. No resolution plan was received, leading the Committee of Creditors (CoC) to resolve on 17.12.2020 to liquidate the Corporate Debtor. An order for liquidation was passed on 13.04.2021, and a liquidator, CA Santanu Brahma, was appointed. A public announcement in Form B was issued on 13.04.2021. The sale of the Corporate Debtor as a going concern was permitted on 09.05.2022, and an e-auction was conducted. M/s. Paul Brothers emerged as the successful bidder on 11.05.2022 with a bid of Rs. 5,00,00,000. The liquidator handed over physical possession to M/s.

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## Issues and analysis

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

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

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**Reasoning:** The Tribunal considered the fact that the Corporate Debtor had been sold as a going

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**Interpretation:** The regulation allows for the closure of the liquidation process once the

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**Application:** The Tribunal applied the regulation to the facts of the case, noting that

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** Bell Finvest…
- **Respondents:** Duckbill Drugs…; M/s. Duckbill…
- **Advocates:** Shaunak…; Dripto Ma…; +1 more

## Timeline

- **2019-12-17 — Admission in…**: Duckbill Drugs Private Limited admitted into Corporate Insolvency Resolution Process…
- **2020-12-17 — Decision to L…**: Committee of Creditors (CoC) resolved…

## 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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