# In the matter of Gujarat Foils Pvt. Ltd. IA-53-2022 in CP (IB) 116-7-NCLT-AHM-2017

> NCLT judgment dated 2023-02-01. Citation: TCN-2023-NCLT-04837. The case involves an Interlocutory Application (IA/53/2022) filed under Section 60(5)(c) of the…

- **Court:** NCLT
- **Order date:** 1 Feb 2023
- **Citation:** TCN-2023-NCLT-04837
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gujarat-foils-pvt-ltd-ia-53-2022-in-cp-ib-116-7-nclt-ahm-2017-a8d22252

## Summary

### Background

The case involves an Interlocutory Application (IA/53/2022) filed under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 32A of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, and Rule 11 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The applicant, OFB Tech Private Limited, being the successful bidder in the E-auction for the sale of the assets of Gujarat Foil Limited (corporate debtor) as a going concern during liquidation, sought several reliefs and concessions. Allahabad Bank had initiated CIRP against Gujarat Foils Limited, which was admitted on 2017-11-30. Alok Kailash Saksena was appointed as the Interim Resolution Professional and later as the

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## Facts

1. Allahabad Bank initiated Corporate Insolvency Resolution Process (CIRP) against Gujarat Foils Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC).
2. The CIRP was admitted on 2017-11-30.
3. Alok Kailash Saksena was appointed as the Interim Resolution Professional (IRP).
4. On 2019-09-16, Gujarat Foils Limited was ordered to be liquidated, and Alok Kailash Saksena was appointed as the Liquidator.
5. The Liquidator issued an E-auction memorandum and public announcement on 2021-11-22.
6. OFB Tech Private Limited deposited Rs. 4.76 Crores as Earnest Money Deposit (EMD) on 2021-12-06.
7. The E-auction process was conducted on 2021-12-10 to sell Gujarat Foils Limited as a going concern.
8. OFB Tech Private Limited was declared the successful bidder, and a Letter

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## Issues and analysis

### Issue 1: Whether the successful bidder (OFB Tech Private Limited) is entitled to the reliefs and concessions …

**Ratio:** The principle is that a successful bidder in a liquidation sale as a going concern is

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**Reasoning:** The court relied on various judgments, including the Supreme Court's decision in

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**Interpretation:** The interpretation is that the IBC aims to facilitate the revival of distressed

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**Application:** The court applied this principle to the specific facts of the case, considering

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## Parties

- **Judges:** DEEPTI M…; Ajai Das Me…
- **Appellants:** OFB Tech Private…
- **Respondents:** Gujarat Foi…; Alok Kailash…

## Timeline

- **2017-11-30 — CIRP Admi…**: Corporate Insolvency Resolution Process (CIRP) initiated against Gujarat Foils Limited…
- **2019-09-16 — Liquidation…**: Gujarat Foils Limited ordered to be liquidated, and Alok Kailash Saksena appointed as…

## 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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