# In the matter of Gupta Global Resources Private Limited

> NCLT judgment dated 2024-01-16. Citation: TCN-2024-NCLT-03049. The case involves an application (I.A. 4918/2023) filed by the liquidator of Gupta Global…

- **Court:** NCLT
- **Order date:** 16 Jan 2024
- **Citation:** TCN-2024-NCLT-03049
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gupta-global-resources-private-limited-a090e36c

## Summary

### Background

The case involves an application (I.A. 4918/2023) filed by the liquidator of Gupta Global Resources Private Limited, seeking permission from the National Company Law Tribunal (NCLT) to sell the company's interest in avoidance applications that are pending adjudication. The liquidation process commenced on August 28, 2018, following an order by the NCLT, Mumbai Bench. The liquidator reported that all assets of the corporate debtor have been realized, but distribution is pending due to ongoing litigation regarding priorities among secured creditors. The liquidator also identified avoidance transactions and filed applications under Sections 43, 45, 49, and 66 of the Insolvency and Bankruptcy Code (IBC), which are pending before the Tribunal.

## Facts

The liquidator of Gupta Global Resources Private Limited filed an application (I.A. 4918/2023) seeking permission to sell the company's interest in avoidance applications. The liquidation process was initiated on August 28, 2018. All assets of the corporate debtor have been realized, but distribution is pending due to litigation regarding priorities among secured creditors. The liquidator identified avoidance transactions and filed applications under Sections 43, 45, 49, and 66 of the IBC. A stakeholders' consultation committee suggested exploring the assignment of avoidance transaction proceedings. Legalpay, a legal firm, expressed interest in acquiring the assets underlying these applications. IDBI Bank raised concerns about the legality of an assignee carrying out

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## Issues and analysis

### Issue 1: Whether the Liquidator has the power and authority to assign the asset considered to be Not readily …

**Ratio:** Regulation 37A of the Insolvency and Bankruptcy Board of India (IBBI) (Liquidation

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**Reasoning:** The court found that the liquidator, subject to the concurrence of the Stakeholder's

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**Interpretation:** The term 'not readily realisable asset' includes any asset included in the

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**Application:** The court applied this principle to the avoidance applications filed by the

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## Parties

- **Judges:** Prabhat…; V.G. B…
- **Appellants:** C. Bala…
- **Respondents:** Gupta Global…

## Timeline

- **2018-08-28 — Commencement of…**: The National Company Law Tribunal, Mumbai Bench, ordered the commencement of the…
- **2023-07-04 — Stakeholder Consultation…**: A meeting of the stakeholder consultation committee was convened, wherein it was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 35(1) — Powers and duties of liquidator](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-35)

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