# 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 2022-02-01. Citation: TCN-2022-NCLT-04292. The case involves a successful auction purchaser of the Corporate Debtor, D.C. Industrial Plant…

- **Court:** NCLT
- **Order date:** 1 Feb 2022
- **Citation:** TCN-2022-NCLT-04292
- **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-2018-637faeac

## Summary

### Background

The case involves a successful auction purchaser of the Corporate Debtor, D.C. Industrial Plant Services Private Limited, who purchased the company as a going concern. An application, IA 90/2021 (later corrected to IA 90/KB/2022), was filed by the auction purchaser. The Adjudicating Authority had previously approved a Memorandum of Understanding (MoU) granting operational control to the auction purchaser. The issue arose because the status of the Corporate Debtor in the 'Master Data' maintained by the Registrar of Companies (RoC) needed to be changed to reflect its status as a going concern, enabling the auction purchaser to participate in tenders. The RoC sought clarification on whether instructions were required from the Insolvency and Bankruptcy Board of India

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## Facts

D.C. Industrial Plant Services Private Limited was undergoing liquidation but was successfully auctioned as a going concern. The auction purchaser filed IA 90/2021 (later corrected to IA 90/KB/2022) seeking a change in the Corporate Debtor's status in the records of the Registrar of Companies (RoC). The Adjudicating Authority had previously approved an MoU granting operational control to the auction purchaser. The Corporate Debtor's status was initially marked as 'Under Liquidation', which limited the available status options to 'Dissolved' or 'Active'. The auction purchaser needed the status to be updated to participate in tenders, specifically a project of BHEL at Panki, Thermal Power Station. The sale certificate was issued on 30.12.2021, and an addendum was

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## Issues and analysis

### Issue 1: Whether the Registrar of Companies (RoC) is required to change the status of the Corporate Debtor, …

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

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**Reasoning:** The court reasoned that maintaining an outdated status of 'Under Liquidation' would

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

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**Application:** In this specific case, the court applied the ratio by directing the RoC to

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Indian Overseas…
- **Respondents:** D.C. Industrial…
- **Advocates:** Patita Paban…; Shaunak…; +2 more

## Timeline

- **2020-01-10 — BHEL Ema…**: Email from BHEL ISG regarding conditions to…
- **2021-02-11 — Auction…**: Date of the auction conducted by the liquidator where the Corporate Debtor was purchased…

## 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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