# Inquest Fintech Pvt. Ltd. Vs. Ms. Maya Gupta Liquidator of Rain Automotive India Pvt. Ltd. [IA-35, 36 & 57/2022 in CP No. (IB)- I095(ND)/20I9]

> NCLT judgment dated 2023-08-11. Citation: TCN-2023-NCLT-02041. The case involves IA-35/2022, IA-36/2022, and IA-57/2022 filed by Inquest Fintech Private…

- **Court:** NCLT
- **Order date:** 11 Aug 2023
- **Citation:** TCN-2023-NCLT-02041
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/inquest-fintech-pvt-ltd-vs-ms-maya-gupta-liquidator-of-rain-automotive-india-pvt-61669a69

## Summary

### Background

The case involves IA-35/2022, IA-36/2022, and IA-57/2022 filed by Inquest Fintech Private Limited seeking impleadment in IA-4978/2021, IA-4981/2021, and IA-4995/2021. These applications arise from the main Company Petition (IB)-1095/ND/2019 filed by Ritu Tandon against M/s Rain Automotive India Private Limited under Section 9 of IBC, 2016, which was admitted on 2019-06-14. Liquidation proceedings were initiated on 2020-01-02, and Maya Gupta was appointed as the Liquidator on 2023-01-15. The present IAs seek impleadment of Inquest Fintech, the assignee, in applications related to avoidance transactions initiated by the liquidator.

## Facts

Ritu Tandon filed a Company Petition (IB)-1095/ND/2019 against M/s Rain Automotive India Private Limited under Section 9 of IBC, 2016, which was admitted on 2019-06-14. Liquidation proceedings commenced on 2020-01-02, and Maya Gupta was appointed Liquidator on 2023-01-15. The Liquidator filed IA-619/2021 under sections 45, 50, and 66 of the Code, seeking avoidance of certain transactions. This application was split into IA-4978/2021, IA-4981/2021, and IA-4995/2021. Inquest Fintech Private Limited, through Rakesh Kumar, sought impleadment in these applications. Inquest Fintech came to know about the sale of actionable claims through a newspaper publication on 2021-09-24 and approached the liquidator. Inquest Fintech submitted a bid on 2021-10-26 and deposited Rs.

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## Issues and analysis

### Issue 1: Whether the Liquidator could assign the NRRAs before or after the adjudication of an Application …

**Ratio:** Regulation 37A of the IBBI (Liquidation Process) Regulations, 2016, allows a liquidator

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**Reasoning:** The court reasoned that the value of assets underlying pending PUFE applications is

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**Interpretation:** The court interpreted Regulation 37A and Section 36(3) of the IBC to mean that

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**Application:** In the present case, the Liquidator assigned NRRAs worth Rs. 26,38,37,645 for a

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. L. N.…
- **Appellants:** Ritu Ta…
- **Respondents:** M/s Rain Automotiv…
- **Other parties:** 7th Edition…; NRRA…; +4 more

## Timeline

- **2019-06-14 — Admission of Company…**: Company Petition (IB)-1095/ND/2019 filed by Ritu Tandon against M/s Rain Automotive India…
- **2020-01-02 — Initiation of…**: Liquidation Proceedings of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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