# In the matter of Ess Dee Aluminium Limited I.A. (IB) NO. 1295 & 1305-KB-2022  in C.P. (IB) NO. 1284-KB-2019

> NCLT judgment dated 2023-02-24. Citation: TCN-2023-NCLT-04477. The case involves two applications (I.A. (IB) NO. 1305/KB/2022 and I.A. (IB) NO. 1295/KB/2022)…

- **Court:** NCLT
- **Order date:** 24 Feb 2023
- **Citation:** TCN-2023-NCLT-04477
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ess-dee-aluminium-limited-ia-ib-no-1295-1305-kb-2022-in-cp-ib-no-1284-kb-2019-7f659901

## Summary

### Background

The case involves two applications (I.A. (IB) NO. 1305/KB/2022 and I.A. (IB) NO. 1295/KB/2022) filed in relation to C.P. (IB) NO. 1284/KB/2019 concerning Ess Dee Aluminium Limited ('Corporate Debtor'). The first application was filed by the liquidator, Deepika Bhugra Prasad, seeking directions for implementing the sale of the Corporate Debtor as a going concern. The second application was filed by Shakambhari Ispat & Power Limited, the successful auction purchaser, seeking similar directions. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 14 February 2020, and the liquidator was appointed as the Interim Resolution Professional (IRP). Due to the absence of an approved resolution plan, the Corporate Debtor was ordered into

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## Facts

Ess Dee Aluminium Limited ('Corporate Debtor') was admitted into Corporate Insolvency Resolution Process (CIRP) on 14 February 2020. Deepika Bhugra Prasad was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (CoC) approved the liquidation of the Corporate Debtor with a voting share of 84.78% due to the absence of an approved resolution plan. On 08 October 2021, the Adjudicating Authority initiated the liquidation of the Corporate Debtor and appointed the Applicant as the Liquidator. The Liquidator initially decided to sell the assets on a piece-meal basis, fixing the reserve price at Rs. 89 Crores. However, the Liquidator received an offer to purchase the Corporate Debtor as a Going

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## Issues and analysis

### Issue 1: Whether the reliefs, waivers, and concessions sought by the Applicant and the Successful Bidder for …

**Ratio:** The legal principle applied is that the Adjudicating Authority has the power to grant

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**Reasoning:** The court reasoned that while some of the reliefs, waivers, and concessions sought by the

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**Interpretation:** This involves interpreting the scope of the Adjudicating Authority's powers

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**Application:** The court applied this principle by granting some of the reliefs sought by the

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## Parties

- **Judges:** BIDISHA BA…; SHRI. BALRA…
- **Appellants:** Deepika Bhugra…
- **Respondents:** Ess Dee Aluminium…; Shakambhari…
- **Advocates:** Rishav Ba…; Aditya…; +9 more

## Timeline

- **2020-02-14 — Admission in…**: Corporate Debtor was admitted into Corporate…
- **2020-03-18 — First CoC M…**: Applicant convened the 1st Meeting of…

## 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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