# In the matter of Kashyap Motors India Private Limited IA-877-2023 in IB-1528-PB-2018

> NCLT judgment dated 2023-05-29. Citation: TCN-2023-NCLT-03145. The case pertains to IA/877/2023 filed in IB-1528/PB/2018 before the National Company Law…

- **Court:** NCLT
- **Order date:** 29 May 2023
- **Citation:** TCN-2023-NCLT-03145
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kashyap-motors-india-private-limited-ia-877-2023-in-ib-1528-pb-2018-54599ecf

## Summary

### Background

The case pertains to IA/877/2023 filed in IB-1528/PB/2018 before the National Company Law Tribunal (NCLT), New Delhi. The initial petition, C.P (IB) No. 1528 (PB) of 2018, was filed by Bank of Baroda (formerly Dena Bank) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Kashyap Motors India Private Limited. Jatin Madan was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Subsequently, liquidation was ordered under Section 33 of the Code. The applicant, Jatin Madan, sought to withdraw his consent as liquidator due to ill health.

## Facts

Bank of Baroda (formerly Dena Bank) initiated CIRP against Kashyap Motors India Private Limited under Section 7 of the IBC, leading to the admission of C.P (IB) No. 1528 (PB) of 2018 on 05.03.2019. Jatin Madan was appointed as the IRP and later as the RP. Liquidation was ordered on 04.12.2019 under Section 33 of the Code. Bank of Baroda, as the financial creditor, retained its security interest over the Corporate Debtor's assets. The auction/sale by Bank of Baroda was contested by the Ex-directors of the Corporate Debtor via a Securitization Application (SA) No. 292 of 2020. The liquidator filed an application under Section 54 of the Code for early dissolution, which was later withdrawn and refiled. The dissolution application was disposed of as withdrawn on 09.11.2022

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## Issues and analysis

### Issue 1: Whether the Applicant should be allowed to withdraw his consent as the Liquidator of the Corporate …

**Ratio:** The Tribunal has the discretion to allow or disallow the withdrawal of a liquidator based

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**Reasoning:** The Tribunal reasoned that the Applicant failed to provide sufficient medical

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**Interpretation:** The Tribunal interpreted that the mere assertion of ill health is not

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**Application:** The Tribunal applied the ratio to the specific facts of the case, noting the

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## Parties

- **Judges:** SHRI. BACHU…; SHRI. RAHUL…
- **Appellants:** Bank of B…
- **Respondents:** KASHYAP MOTORS…

## Timeline

- **2018-01-01 — Initiation…**: C.P (IB) No. 1528 (PB) of 2018 filed by Bank of Baroda against Kashyap Motors India…
- **2019-03-05 — Admission of…**: The NCLT admitted the…

## 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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