# In the matter of Exclusive Overseas Private Limited

> NCLT judgment dated 2024-03-22. Citation: TCN-2024-NCLT-01981. The case pertains to I.A. No. 4427/2023 filed in Company Petition No. (IB)-1106(ND)/2018. The…

- **Court:** NCLT
- **Order date:** 22 Mar 2024
- **Citation:** TCN-2024-NCLT-01981
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/exclusive-overseas-private-limited-02e2184c

## Summary

### Background

The case pertains to I.A. No. 4427/2023 filed in Company Petition No. (IB)-1106(ND)/2018. The initial petition was filed by Panipat Texo Fabs Private Limited against Exclusive Overseas Private Limited under Section 9 of the IBC, 2016, and was admitted on 2018-10-26. The Corporate Debtor (CD) was ordered to be liquidated on 2022-12-20. The present application was filed by the Liquidator seeking approval for the sale of the Corporate Debtor as a going concern and closure of the liquidation process.

## Facts

Panipat Texo Fabs Private Limited initiated corporate insolvency proceedings against Exclusive Overseas Private Limited under Section 9 of the IBC, which were admitted on 2018-10-26. The Corporate Debtor, Exclusive Overseas Private Limited, was ordered to be liquidated on 2022-12-20. Akash Shinghal was appointed as the Liquidator. The Liquidator filed I.A. No. 4427/2023 seeking approval for the sale of the Corporate Debtor as a going concern and closure of the liquidation process. The Liquidator had already sold the Corporate Debtor as a going concern and issued a Sale Certificate dated 2023-07-13 to the successful bidder, who had made the payment of 75% of the sale consideration along with interest. The application lacked the Final Report as required under Regulation

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## Issues and analysis

### Issue 1: Whether there is any bar in selling the Corporate Debtor as a going concern after the first auction …

**Ratio:** Regulation 32 of the Insolvency and Bankruptcy Board of India (Liquidation Process)

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**Reasoning:** The Tribunal relied on a previous decision and interpreted Regulations 32A(4) and 32(e)

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**Interpretation:** The regulations provide flexibility to the liquidator in choosing the methods

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**Application:** In this case, the Liquidator had already conducted multiple auctions and sold

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. SUBRATA KUMAR…
- **Appellants:** Panipat Texo Fabs…
- **Respondents:** Exclusive…; Consortium of Mr.…
- **Advocates:** Gautam Si…; R. K. G…; +1 more

## Timeline

- **2018-10-26 — Admission o…**: Corporate Insolvency Resolution Process initiated against Exclusive Overseas Private…
- **2022-12-20 — Liquidation…**: Exclusive Overseas Private…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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