# In the matter of Duckbill Drugs Private Limited

> NCLT judgment dated 2023-08-02. Citation: TCN-2023-NCLT-02212. The case involves an application filed by a successful purchaser of Duckbill Drugs Private…

- **Court:** NCLT
- **Order date:** 2 Aug 2023
- **Citation:** TCN-2023-NCLT-02212
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/duckbill-drugs-private-limited-ab66a836

## Summary

### Background

The case involves an application filed by a successful purchaser of Duckbill Drugs Private Limited, seeking reliefs related to the assignment and transfer of trademarks. Corporate Insolvency Resolution Process (CIRP) was initiated against Duckbill Drugs Private Limited on December 17, 2019. Due to the failure of CIRP, a liquidation order was passed on April 13, 2021, and a liquidator was appointed. An e-auction sale notice was published on April 23, 2022, for the sale of the corporate debtor as a going concern. Paul Brothers, the applicant, was declared the highest bidder, and a sale certificate was issued on May 11, 2022, confirming the sale, including 14 trademarks. However, it was discovered that 7 of these trademarks were registered in the name of Paulami

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## Facts

Duckbill Drugs Private Limited faced Corporate Insolvency Resolution Process (CIRP), initiated on December 17, 2019. Due to CIRP failure, liquidation was ordered on April 13, 2021, and a liquidator appointed. An e-auction sale notice was issued on April 23, 2022, to sell the corporate debtor as a going concern. Paul Brothers emerged as the highest bidder and received a sale certificate on May 11, 2022, which included 14 trademarks. Seven of these trademarks were registered under Paulami Mukherjee's name, daughter-in-law of Duckbill's former director, Swapan Mukherjee, via a Deed of Assignment dated April 3, 2017. The applicant alleges this assignment was preferential, fraudulent, and undervalued, as the trademarks were transferred for INR 7,000 while the reserve price

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## Issues and analysis

### Issue 1: Whether the purported Deed of Assignment dated 3rd April, 2017, is a preferential, fraudulent, and …

**Ratio:** Sections 44, 45, 48, and 49 of the IBC 2016 provide the adjudicating authority with the

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**Reasoning:** The NCLT, after considering the facts, including the undervaluation of the trademarks,

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**Interpretation:** The interpretation of these sections allows the NCLT to scrutinize transactions

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**Application:** The NCLT applied these sections to declare the Deed of Assignment as non-est,

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Appellants:** Paul Br…
- **Respondents:** Duckbill Drugs…; Swapan Muk…

## Timeline

- **2019-12-17 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Duckbill Drugs Private…
- **2021-04-13 — Liquidation…**: Liquidation order passed due to 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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