# In the matter of Ganga Foundations Private Limited

> NCLT judgment dated 2024-09-27. Citation: TCN-2024-NCLT-00530. The case involves the liquidation of Ganga Foundations Pvt Ltd, which was admitted into…

- **Court:** NCLT
- **Order date:** 27 Sept 2024
- **Citation:** TCN-2024-NCLT-00530
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ganga-foundations-private-limited-0649660e

## Summary

### Background

The case involves the liquidation of Ganga Foundations Pvt Ltd, which was admitted into Corporate Insolvency Resolution Process (CIRP) on 2022-01-10 following a petition by State Bank of India under Section 7 of the IBC. As no resolution plan was approved, liquidation was ordered on 2023-03-15, and Mahalingam Suresh Kumar was appointed as the Liquidator. The Liquidator initiated the sale of the Corporate Debtor as a going concern through e-auctions. Three applications were filed: IA(IBC)/415(CHE)/2024 by the Liquidator seeking confirmation of the sale and immunity for the successful bidder, IA(IBC)/1701(CHE)/2023 by the Liquidator seeking handover of original title deeds, and IA(IBC)/1757(CHE)/2023 by V. Jaisankar seeking acceptance of his claim and registration of a

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## Facts

On 2022-01-10, State Bank of India filed a petition under Section 7 of the IBC, leading to the admission of Ganga Foundations Pvt Ltd into Corporate Insolvency Resolution Process (CIRP). With no resolution plan materializing, liquidation was ordered on 2023-03-15, and Mahalingam Suresh Kumar was appointed as Liquidator. The Liquidator initiated e-auctions to sell the Corporate Debtor as a going concern. V. Jaisankar claimed to have entered into a sale agreement with the Corporate Debtor on 2020-11-30 for a property, paying Rs. 34,00,000/- out of a total consideration of Rs. 45,60,000/-. He also claimed to have given a loan of Rs. 50,00,000/- to the Corporate Debtor against deposit of title deeds. A memorandum of deposit of title deeds (MoDT) was executed on 2020-12-30.

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## Issues and analysis

### Issue 1: Whether the sale of the Corporate Debtor as a going concern should be confirmed and the Successful …

**Ratio:** Section 32A and 238 of the IBC provide immunity to the corporate debtor and its assets

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**Reasoning:** The court relied on precedents such as Directorate of Enforcement Vs. Shri. Manoj Kumar

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**Interpretation:** Section 32A and 238 are interpreted to provide a clean slate to the new

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**Application:** The court applied these principles to the present case, noting that the CIRP

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** CA Mahalingam…
- **Respondents:** Ganga Foundations…; State Bank of…
- **Advocates:** A.G. Sathyanarayan…; T.K. Bh…; +3 more

## Timeline

- **2022-01-10 — Commencement…**: Ganga Foundations Pvt Ltd admitted into Corporate Insolvency Resolution Process (CIRP)…
- **2023-03-15 — Liquidation…**: Liquidation ordered as no resolution plan was approved; Mahalingam Suresh Kumar appointed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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