# In the matter of Kohinoor Paper and Newspaper Private Limited

> NCLT judgment dated 2024-02-23. Citation: TCN-2024-NCLT-02422. The case pertains to an Interlocutory Application No. 209/KB/2024 filed in Company Petition…

- **Court:** NCLT
- **Order date:** 23 Feb 2024
- **Citation:** TCN-2024-NCLT-02422
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kohinoor-paper-and-newspaper-private-limited-f6f0b6fe

## Summary

### Background

The case pertains to an Interlocutory Application No. 209/KB/2024 filed in Company Petition (IB) No. 1694/KB/2018 before the National Company Law Tribunal (NCLT), Kolkata. The liquidation process against Kohinoor Paper and Newspaper Private Limited (Corporate Debtor) was initiated on 2021-07-12, and Mr. Uday Narayan Mitra was appointed as the Liquidator. Subsequently, the Stakeholders Consultation Committee (SCC) decided to replace Mr. Uday Narayan Mitra with Ms. Rachna Jhunjhunwala as the Liquidator, as per the Tribunal's order dated 2023-06-28. A consortium consisting of Dwarakapati Smelters Private Limited and Bhagwati Vintrade Private Limited was formed around 2023-09-20 and submitted an Expression of Interest (EOI) to acquire the Corporate Debtor for a

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## Facts

The liquidation process against Kohinoor Paper and Newspaper Private Limited (Corporate Debtor) was initiated by the NCLT on 2021-07-12, and Mr. Uday Narayan Mitra was appointed as the Liquidator. The Stakeholders Consultation Committee (SCC) decided to replace Mr. Uday Narayan Mitra with Ms. Rachna Jhunjhunwala as the Liquidator, as per the Tribunal's order dated 2023-06-28. A consortium consisting of Dwarakapati Smelters Private Limited and Bhagwati Vintrade Private Limited was formed around 2023-09-20 and submitted an Expression of Interest (EOI) to acquire the Corporate Debtor for a consideration of Rs. 53,45,00,000, depositing an Earnest Money Deposit (EMD) of Rs. 5,34,00,000. The Liquidator issued a Letter of Intent (LOI) on 2023-09-25 to the consortium for

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## Issues and analysis

### Issue 1: Whether the status of the Corporate Debtor in the records of the Registrar of Companies and on the …

**Ratio:** The principle is that upon successful acquisition of a corporate debtor under a

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**Reasoning:** The NCLT considered the precedents cited, including Gaurav Jain vs. Sanjay Gupta and

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**Interpretation:** The interpretation is that the records should accurately reflect the current

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**Application:** The NCLT directed that the status of the Corporate Debtor be changed to

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** Dwarakapati…
- **Respondents:** Kohinoor Paper…; Ranchana Jhunjhunw…

## Timeline

- **2018-01-01 — Company Petiti…**: Company Petition (IB) No.…
- **2021-07-12 — Liquidation I…**: Liquidation against the Corporate…

## 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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