# In the matter of Gajra Bevel Gears Limited

> NCLT judgment dated 2024-01-25. Citation: TCN-2024-NCLT-02905. The case involves an application filed by M/s Kalyan Toll Infrastructure Limited under…

- **Court:** NCLT
- **Order date:** 25 Jan 2024
- **Citation:** TCN-2024-NCLT-02905
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gajra-bevel-gears-limited-ade25c0d

## Summary

### Background

The case involves an application filed by M/s Kalyan Toll Infrastructure Limited under Regulation 32A of the IBBI (Liquidation Process) Regulations, 2016, read with NCLT Rules, 2016, seeking approval of prayers made in the application. The financial creditor, M/s Abhimanyu Agro Private Limited, had filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against the corporate debtor, Gajra Bevel Gears Limited. The Adjudicating Authority admitted the corporate debtor into the Corporate Insolvency Resolution Process (CIRP) on 12.06.2020 and appointed Mr. Navin Khandelwal as an Interim Resolution Professional. Due to the failure of CIRP, the Adjudicating Authority ordered the liquidation of the corporate debtor on 10.12.2021 and appointed Mr.

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## Facts

M/s Abhimanyu Agro Private Limited, a financial creditor, initiated insolvency proceedings against Gajra Bevel Gears Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the corporate debtor into CIRP on 12.06.2020 and appointed Mr. Navin Khandelwal as an Interim Resolution Professional. Due to the failure of CIRP, the corporate debtor was ordered into liquidation on 10.12.2021, with Mr. Navin Khandelwal continuing as the liquidator. The liquidator issued a public notice on 14.11.2022, inviting bids for the acquisition of the company. M/s Kalyan Toll Infrastructure Limited submitted a bid of Rs 18,71,00,000/- and was declared the successful bidder in an e-auction held on 08.12.2022. A Letter of

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can approve an acquisition plan in a liquidation process where …

**Ratio:** The Adjudicating Authority noted that there is no specific provision in the Insolvency

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**Reasoning:** The court reasoned that the sale of the corporate debtor as a going concern through

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**Interpretation:** This implies that once a corporate debtor is sold as a going concern through

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**Application:** In this case, the court found that the corporate debtor, Gajra Bevel Gears

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## Parties

- **Judges:** P. Moha…; KAUSHALENDRA…
- **Appellants:** Abhimanyu Agro…
- **Respondents:** Gajra Bevel Gears…; Gajra Bevel Gears…

## Timeline

- **2020-06-12 — CIRP Admi…**: Adjudicating Authority admitted the corporate debtor, Gajra Bevel Gears Limited, into the…
- **2021-12-10 — Liquidation…**: Adjudicating Authority ordered the liquidation of the corporate debtor due to the failure…

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