# In the matter of Gupta Coal India Pvt. Ltd.

> NCLT judgment dated 2023-11-22. Citation: TCN-2023-NCLT-00656. The case involves IA 2405/2020 filed by the Liquidator of Gupta Coal India Pvt. Ltd. seeking…

- **Court:** NCLT
- **Order date:** 22 Nov 2023
- **Citation:** TCN-2023-NCLT-00656
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gupta-coal-india-pvt-ltd-4e254793

## Summary

### Background

The case involves IA 2405/2020 filed by the Liquidator of Gupta Coal India Pvt. Ltd. seeking direction to the Liquidator of Gupta Global Resources to provide possession of the coal stock of Gupta Coal India Pvt. Ltd. (Corporate Debtor). The Corporate Insolvency Resolution Process (CIRP) for Gupta Coal India Pvt. Ltd. commenced on 2017-03-09, and liquidation commenced on 2017-12-01. The Corporate Debtor was in the business of trading coal, while Gupta Global Resources was in the business of washing coal supplied by the Corporate Debtor. The Corporate Debtor stored its coal at the premises of Gupta Global Resources.

## Facts

The Liquidator of Gupta Coal India Pvt. Ltd. filed IA 2405/2020 seeking direction to the Liquidator of Gupta Global Resources to provide possession of the coal stock of Gupta Coal India Pvt. Ltd. The CIRP for Gupta Coal India Pvt. Ltd. commenced on 2017-03-09, and liquidation commenced on 2017-12-01. Gupta Coal India Pvt. Ltd. was a trading company and stored its coal at the premises of Gupta Global Resources. The Respondent Liquidator stated that the Applicant failed to lift the coal stock despite a no-objection certificate. A joint inspection revealed negligible coal stock compared to the quantity recorded in the books. The Applicant did not file an FIR for the missing coal. The court found that the Resolution Professional and Liquidator failed to protect the assets

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## Issues and analysis

### Issue 1: Whether the Liquidator of Gupta Global Resources should be directed to provide possession of the …

**Ratio:** The court can direct the Liquidator of Gupta Global Resources to allow the Applicant to

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**Reasoning:** The court found that a joint inspection revealed negligible coal stock compared to the

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**Interpretation:** This issue involves the interpretation of the powers of the NCLT to direct

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**Application:** The court applied the ratio to the facts by directing the Respondent to allow

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## Parties

- **Judges:** Prabhat…; V.G. B…
- **Appellants:** Abhay Narayan…
- **Respondents:** M/s Coal India…; C. Bala…

## Timeline

- **2017-03-09 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP)…
- **2017-12-01 — Liquidation Com…**: Liquidation process commenced…

## 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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