# In the matter of D C Industrial Plant Services Pvt. Ltd. IA(IBC)-90(KB)-2022 in C.P.(IB)-45(KB)-2018

> NCLT judgment dated 2022-01-28. Citation: TCN-2022-NCLT-04337. The case involves an application (IA 90/2021) filed by the successful auction purchaser of the…

- **Court:** NCLT
- **Order date:** 28 Jan 2022
- **Citation:** TCN-2022-NCLT-04337
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/d-c-industrial-plant-services-pvt-ltd-iaibc-90kb-2022-in-cpib-45kb-2018-26d0fd0c

## Summary

### Background

The case involves an application (IA 90/2021) filed by the successful auction purchaser of the Corporate Debtor, D.C. Industrial Plant Services Private Limited. The auction was conducted by the liquidator, and the auction purchaser acquired the Corporate Debtor as a going concern. A Memorandum of Understanding (MoU) was entered into between the auction purchaser and the liquidator. The Adjudicating Authority had previously approved the MoU, granting operational control to the auction purchaser. The core issue revolves around updating the status of the Corporate Debtor in the 'Master Data' maintained by the Registrar of Companies (RoC) to reflect its sale as a going concern, enabling the auction purchaser to participate in tenders.

## Facts

The liquidator of D.C. Industrial Plant Services Private Limited conducted an auction, and a successful auction purchaser acquired the Corporate Debtor as a going concern. A Memorandum of Understanding (MoU) was executed between the auction purchaser and the liquidator, and the Adjudicating Authority approved the MoU, granting operational control to the auction purchaser. The Corporate Debtor's status in the 'Master Data' maintained by the Registrar of Companies (RoC) was 'under liquidation'. The successful auction purchaser needed to participate in tenders, which required the RoC to update the Corporate Debtor's status to reflect its sale as a going concern. The sale certificate dated 30.12.2021 and the addendum to the sale certificate executed on 14.01.2022 were

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## Issues and analysis

### Issue 1: Whether the Registrar of Companies (RoC) should be directed to change the status of the Corporate …

**Ratio:** When a Corporate Debtor is sold as a going concern, its status in the records of the RoC

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**Reasoning:** The court reasoned that the sale of the Corporate Debtor as a going concern necessitates

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**Interpretation:** The legal issue involves the interpretation of the implications of selling a

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Indian Overseas…
- **Respondents:** D.C. Industrial…

## Timeline

- **2021-02-11 — Auction…**: Auction conducted by the…
- **2021-08-13 — Approval…**: Adjudicating Authority approved the MoU granting operational control to the successful…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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