# In the matter of Gupta Infrastructure (India) Private Limited

> NCLT judgment dated 2024-12-10. Citation: TCN-2024-NCLT-00078. The case pertains to an application (I.A. 868/2022) filed by RDB Realty & Infrastructure…

- **Court:** NCLT
- **Order date:** 10 Dec 2024
- **Citation:** TCN-2024-NCLT-00078
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gupta-infrastructure-india-private-limited-c9df8b5b

## Summary

### Background

The case pertains to an application (I.A. 868/2022) filed by RDB Realty & Infrastructure Limited, the successful auction purchaser, in relation to the liquidation of Gupta Infrastructure (India) Private Limited, the Corporate Debtor, under the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 2018-02-01 following an application by Bank of India under Section 7 of the Code. Subsequently, due to the absence of resolution plans, liquidation proceedings were initiated, and the Corporate Debtor was admitted into liquidation on 2019-01-02. The applicant sought various reliefs and concessions, including the extinguishment of past liabilities and the ability to operate the Corporate Debtor as a

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## Facts

Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, leading to the Corporate Debtor, Gupta Infrastructure (India) Private Limited, being admitted into Corporate Insolvency Resolution Process (CIRP) on 2018-02-01. Due to the absence of resolution plans, a C.P. 1397 of 2017 was filed for initiating liquidation, and the Corporate Debtor was admitted into liquidation on 2019-01-02. Mr. Atul Rajwadkar was appointed as the Liquidator. The Corporate Debtor received claims amounting to Rs. 5177.99 crores from various creditors. The Liquidator issued a notice on 2021-11-02 inviting Expression of Interest (EoI) for the auction process. RDB Realty & Infrastructure Limited emerged as the successful bidder with a bid value of Rs.

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## Issues and analysis

### Issue 1: Whether the successful auction purchaser, RDB Realty & Infrastructure Limited, is entitled to …

**Ratio:** The ratio is based on the principle that when a Corporate Debtor is sold as a going

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**Reasoning:** The court reasoned that the Sale Certificate specified certain liabilities that were to

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**Interpretation:** This issue involves the interpretation of Section 53 of the IBC, which deals

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**Application:** The court applied the ratio by granting the relief that past dues up to the

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** RDB Realty &…
- **Respondents:** Gupta Infrastructu…; Atul Rajw…

## Timeline

- **2018-02-01 — CIRP Commen…**: Corporate Debtor admitted into Corporate Insolvency Resolution Process (CIRP) following…
- **2019-01-02 — Liquidation Com…**: Corporate Debtor admitted into…

## 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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