# In the matter of Bell Finvest (India) Limited

> NCLT judgment dated 2024-09-12. Citation: TCN-2024-NCLT-00609. 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-00609
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bell-finvest-india-limited-792c507f

## 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 the Corporate Debtor, Duckbill Drugs Private Limited, 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. As no resolution plan was received, the Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor on 17.12.2020. An application for liquidation was filed and an order of liquidation was passed on 13.04.2021, appointing a liquidator. The sale of the Corporate Debtor as a

…

## 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 for liquidation on 17.12.2020. 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. 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 Paul Brothers, and a sale

…

## Issues and analysis

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

**Ratio:** The legal principle is based on Regulation 45(3)(a) of the Insolvency & Bankruptcy

…

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

…

**Interpretation:** The interpretation of Regulation 45(3)(a) is that once the liquidation process

…

**Application:** In this case, the Corporate Debtor, Duckbill Drugs Private Limited, was sold as

…

## Parties

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

## Timeline

- **2019-12-17 — CIRP Admi…**: Duckbill Drugs Private Limited admitted into Corporate Insolvency Resolution Process…
- **2020-12-17 — Liquidation Re…**: 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)

---

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/bell-finvest-india-limited-792c507f