# In the matter of Jot Impex Pvt. Ltd.

> NCLT judgment dated 2023-07-19. Citation: TCN-2023-NCLT-02427. The Liquidator of the Corporate Debtor sought permission to distribute two unsold properties to…

- **Court:** NCLT
- **Order date:** 19 Jul 2023
- **Citation:** TCN-2023-NCLT-02427
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jot-impex-pvt-ltd-00ca13fc

## Summary

### Background

The Liquidator of the Corporate Debtor sought permission to distribute two unsold properties to ICICI Bank Limited. However, the NCLT noted that there were other creditors, including CBDT, and that the properties should be sold through an open auction as per the Insolvency and Bankruptcy Code's waterfall mechanism.

## Facts

The Liquidator of the Corporate Debtor filed an application, IA-2744/2023, seeking permission to distribute two unsold properties, specifically DPT 632 and DPT 633, 6th Floor, Plot 79 and 80, DLF Prime Tower, Okhla Phase-I, New Delhi-110020, to ICICI Bank Limited. This distribution was proposed in terms of Section 53 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 38 of IBBI (Liquidation Process Regulations, 2016), subject to the payment of the Liquidator Fee and expenses as assured by ICICI Bank Limited.

## Issues and analysis

### Issue 1: Whether the Liquidator should be granted permission to distribute specific unsold properties of the …

**Ratio:** The assets of the Corporate Debtor must be liquidated through an open auction and the

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**Reasoning:** The NCLT noted that while the Liquidator sought permission for direct distribution, the

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**Interpretation:** The NCLT interpreted **Section 53** of the IBC, 2016, and **Regulation 38** of

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**Application:** Given the presence of other creditors like CBDT, the NCLT applied this

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## Parties

- **Judges:** SHRI. ASHOK KUMAR…; SHRI. L. N.…; +2 more
- **Appellants:** M/s. Ambience…
- **Respondents:** M/s. Jot Impex…
- **Advocates:** V. Anush…; Pradyuman…; +3 more

## Timeline

- **December 20, 2019 — Liquidation Ord…**: The liquidation order in the…
- **July 19, 2023 — Order Del…**: The NCLT delivered the order…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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