# In the matter of Ceebuild Company Private Limited

> NCLT judgment dated 2024-04-30. Citation: TCN-2024-NCLT-01517. The case pertains to an Interlocutory Application (IA No. 1171/KB/2023) filed in a Company…

- **Court:** NCLT
- **Order date:** 30 Apr 2024
- **Citation:** TCN-2024-NCLT-01517
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ceebuild-company-private-limited-1a6662f7

## Summary

### Background

The case pertains to an Interlocutory Application (IA No. 1171/KB/2023) filed in a Company Petition (IB No. 696/KB/2020) before the National Company Law Tribunal (NCLT), Kolkata. The application was filed by Laser Power & Infra Pvt. Ltd, the applicant, seeking certain reliefs and concessions to run the Corporate Debtor, Ceebuild Company Private Limited, which was admitted into corporate insolvency resolution process and later into liquidation on 27.12.2022. The applicant was declared the highest bidder in an e-auction conducted by the respondent liquidator, Rachna Jhunjhunwala. The sale certificate was issued on 18.04.2023.

## Facts

Laser Power & Infra Pvt. Ltd. filed an application seeking reliefs and concessions to run Ceebuild Company Private Limited, the Corporate Debtor. Ceebuild Company Private Limited was admitted into corporate insolvency resolution process and later into liquidation on 27.12.2022. Rachna Jhunjhunwala, the liquidator, conducted an e-auction where Laser Power & Infra Pvt. Ltd. was declared the highest bidder. A sale certificate was issued on 18.04.2023. The application seeks to revive the Corporate Debtor without being saddled with past liabilities. The NCLT considered precedents such as Jasamrit Designers Pvt.Ltd vs. Mr. Gian Chand Narang & Anr and Gaurav Jain vs. Sanjay Gupta to determine the permissibility of the reliefs. The NCLT granted several waivers and

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## Issues and analysis

### Issue 1: Whether the Applicant is entitled to certain reliefs …

**Ratio:** The ratio is based on precedents that allow a successful bidder to seek reliefs and

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**Reasoning:** The NCLT considered precedents such as Jasamrit Designers Pvt.Ltd vs. Mr. Gian Chand

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**Interpretation:** The interpretation is that a successful bidder in an e-auction is entitled to

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**Application:** The NCLT applied this ratio to the facts of the case, where Laser Power &

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** Laser Power &…
- **Respondents:** Ceebuild Company…; Rachna Jhunjhunwal…

## Timeline

- **2022-12-27 — Liquidation…**: Ceebuild Company Private Limited was admitted into corporate insolvency resolution…
- **2023-04-18 — Sale Certifica…**: Sale certificate was issued to Laser Power & Infra Pvt. Ltd, the highest bidder in the…

## 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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