# In the matter of Kohinoor Paper and News Print Private Limited

> NCLT judgment dated 2023-09-13. Citation: TCN-2023-NCLT-01649. The case involves an application seeking directions to revise the invitation of expression of…

- **Court:** NCLT
- **Order date:** 13 Sept 2023
- **Citation:** TCN-2023-NCLT-01649
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kohinoor-paper-and-news-print-private-limited-f010de6e

## Summary

### Background

The case involves an application seeking directions to revise the invitation of expression of interest for the sale of Kohinoor Paper and Newsprint Private Limited, a corporate debtor undergoing liquidation. The applicant, representing the workmen/employees of the corporate debtor, alleges that the liquidator is attempting to sell the assets by slump sale and that the liquidation value is undervalued. The corporate debtor was initially under CIRP, then ordered for liquidation, and subsequently directed to be sold as a going concern. The applicant contends that the liquidator has failed to act in the spirit of the IBC, aiming at maximization of asset value, and that the eligibility criteria for potential purchasers are inadequate.

## Facts

Kohinoor Paper and Newsprint Private Limited is a corporate debtor undergoing liquidation. The CIRP was initiated under Section 9 of the IBC, 2016. The corporate debtor's factory was located at Falta Industrial Growth Center. The applicant is the authorized representative of 100 workmen/employees of the corporate debtor. The corporate debtor was ordered to be liquidated on July 12, 2021. The corporate debtor was directed to be sold as a going concern on June 10, 2022. The applicant alleges that the liquidator is attempting to sell the assets by slump sale and that the liquidation value is undervalued. The reserve price for the sale of the corporate debtor as a going concern was fixed at Rs. 48,58,28,350/-. The applicant contends that the eligibility criteria for

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## Issues and analysis

### Issue 1: Whether the liquidator is attempting to sell the …

**Ratio:** The Tribunal did not find any evidence to support the allegation that the liquidator

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**Reasoning:** The liquidator had taken steps to sell the Corporate Debtor as a going concern, and the

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**Interpretation:** The Tribunal interpreted the actions of the liquidator as being consistent with

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**Application:** The Tribunal applied this reasoning to the facts of the case, finding that the

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Appellants:** Ajay Ag…
- **Respondents:** Kohinoor Paper…; ICICI…

## Timeline

- **2019-09-26 — CIRP Init…**: Corporate debtor was put under CIRP by an order passed by the Tribunal under Section 9 of…
- **2019-12-14 — Factory C…**: Factory was closed in terms of order for closure passed by West Bengal Pollution Control…

## 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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