# In the matter of E M I Transmission Limited

> NCLT judgment dated 2024-05-15. Citation: TCN-2024-NCLT-01341. The case pertains to an application filed under section 60(5) of the Insolvency & Bankruptcy…

- **Court:** NCLT
- **Order date:** 15 May 2024
- **Citation:** TCN-2024-NCLT-01341
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/e-m-i-transmission-limited-3954d5af

## Summary

### Background

The case pertains to an application filed under section 60(5) of the Insolvency & Bankruptcy Code, 2016, read with Regulation 45(3)(a) of the IBBI (Liquidation Process) Regulations, 2016, by Mr. Shailesh Bhalchandra Desai, the Liquidator of EMI Transmission Limited, the Corporate Debtor. The application seeks the closure of the liquidation process. The Corporate Debtor's CIRP was initiated on 11.04.2019, and Mr. Desai was appointed as the Interim Resolution Professional, later confirmed as the Resolution Professional. The CoC rejected the Resolution Plan on 06.01.2020, leading to the filing of a Liquidation Application, which was approved on 14.08.2020, appointing the Applicant as Liquidator.

## Facts

The Corporate Debtor, EMI Transmission Limited, underwent CIRP initiated on 11.04.2019. The resolution plan was rejected by the CoC on 06.01.2020, leading to a liquidation order on 14.08.2020, with Mr. Shailesh Bhalchandra Desai appointed as Liquidator. The Liquidator made a public announcement on 19.08.2020, inviting claims from stakeholders. Thirty-four e-auction processes were conducted between 19.10.2020 and 19.10.2022. The Corporate Debtor was sold as a going concern to L7 Hitech Private Limited for Rs. 6.60 Crores, with a sale certificate issued on 18.11.2022. L7 Hitech Private Limited filed IA 315 of 2023, which was disposed of on 08.12.2023. The SCC members finalized the pursuit of avoidance transactions with Bank of Baroda as the lead bank. The liquidation

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## Issues and analysis

### Issue 1: Whether the application for closure of the liquidation process of the Corporate Debtor, EMI …

**Ratio:** Regulation 45(3)(a) of the IBBI (Liquidation Process) Regulations, 2016, allows for the

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**Reasoning:** The court considered the facts presented, including the sale of the Corporate Debtor as a

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**Interpretation:** Regulation 45(3)(a) provides a framework for the orderly closure of the

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**Application:** The court applied Regulation 45(3)(a) to the specific facts of the case, noting

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## Parties

- **Judges:** Charanjeet Singh…; Smt Lakshmi…
- **Appellants:** Shailesh Bhalchand…
- **Respondents:** EMI Transmission…; Dena…

## Timeline

- **2019-04-11 — CIRP Init…**: The Petition (CP(IB)2660(MB)/2018) was admitted by this Tribunal and CIRP of Corporate…
- **2020-01-06 — Rejection of Resolution…**: The CoC rejected 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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