# In the matter of Churakulam Tea Estates Private Limited IA(IBC)17-KOB-2023 in IBA-21-KOB-2019

> NCLT judgment dated 2023-02-24. Citation: TCN-2023-NCLT-04455. The application IA(IBC)17/KOB/2023 IN IBA/21/KOB/2019 was filed by the Liquidator, Mr. Jasin…

- **Court:** NCLT
- **Order date:** 24 Feb 2023
- **Citation:** TCN-2023-NCLT-04455
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/churakulam-tea-estates-private-limited-iaibc17-kob-2023-in-iba-21-kob-2019-31cdac86

## Summary

### Background

The application IA(IBC)17/KOB/2023 IN IBA/21/KOB/2019 was filed by the Liquidator, Mr. Jasin Jose, of Churakulam Tea Estate Pvt. Ltd., under Regulation 45 (3)(a) of IBBI (Liquidation Process) Regulations, 2016, seeking closure of the liquidation process. The Corporate Debtor, Churakulam Tea Estates Private Limited, was undergoing liquidation following an order dated 30.06.2021. The company was sold as a going concern to Sreedhanya Construction Company through an e-auction process. The Stakeholders Consultation Committee (SCC) was formed after the verification of claims. The Liquidator sought permission to close the liquidation process, transfer the Corporate Debtor to the auction purchaser, cancel existing shares and allot fresh shares, pursue a pending appeal against

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## Facts

Churakulam Tea Estates Private Limited was undergoing liquidation, with Mr. Jasin Jose appointed as the Liquidator. The Adjudicating Authority ordered the liquidation on 2021-06-30. The company was sold as a going concern to Sreedhanya Construction Company through an e-auction for Rs. 35 crore. The first E-Auction was held on 2021-10-20. The Stakeholders Consultation Committee (SCC) was formed. The Liquidator distributed the sale proceeds to the creditors after deducting the liquidator's fee. An amount of Rs. 47,94,067/- was retained by the Liquidator to pursue an appeal against the Income Tax Department. The EPFO department filed an application against the Liquidator. The Income Tax Department issued demand notices to the Corporate Debtor. The shareholders provided an

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## Issues and analysis

### Issue 1: Whether the liquidation process of the Corporate Debtor, Churakulam Tea Estate Private Limited, …

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

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**Reasoning:** The Tribunal considered the fact that the assets of the Corporate Debtor were sold to

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**Interpretation:** Regulation 45(3)(a) allows for the closure of the liquidation process when the

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**Application:** Since Churakulam Tea Estate Private Limited was sold as a going concern to

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## Parties

- **Judges:** Shri. P. Mo…; SHRI. SATYA…
- **Appellants:** Jasin…
- **Respondents:** Churakulam Tea…; The South Indian…

## Timeline

- **2021-06-30 — Liquidation…**: The Adjudicating Authority passed orders for the Liquidation of Churakulam Tea Estates…
- **2021-09-13 — First SCC M…**: In the first Stakeholders Consultation Committee meeting, it was decided to sell the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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