# In the matter of Kohinoor Pulp & Paper Pvt. Ltd.

> NCLT judgment dated 2024-01-10. Citation: TCN-2024-NCLT-03206. The case involves an application filed by Universaltech Paper LLP, the successful bidder for…

- **Court:** NCLT
- **Order date:** 10 Jan 2024
- **Citation:** TCN-2024-NCLT-03206
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kohinoor-pulp-paper-pvt-ltd-ab0a9012

## Summary

### Background

The case involves an application filed by Universaltech Paper LLP, the successful bidder for Kohinoor Pulp & Paper Private Limited, which was undergoing liquidation. The application seeks various reliefs and concessions to operate Kohinoor Pulp & Paper Private Limited as a going concern. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 21.08.2018, and subsequently ordered to be liquidated on 01.07.2019. An e-auction was conducted, and Universaltech Paper LLP emerged as the successful bidder, having paid the full consideration. The applicant seeks reliefs including deeming the date of the sale certificate as the acquisition date, allowing the corporate debtor to review and terminate contracts entered prior to liquidation,

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## Facts

Sauria Construction initiated Corporate Insolvency Resolution Process (CIRP) against Kohinoor Pulp & Paper Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the Corporate Debtor into CIRP on 21.08.2018. Subsequently, the Corporate Debtor was ordered to be liquidated on 01.07.2019. In compliance with the Code, a public announcement for the e-auction of the Corporate Debtor as a going concern was made on 22.08.2022. The e-auction was conducted on 31.08.2022, with a reserve price of Rs. 48,00,00,000/- and an Earnest Money Deposit (EMD) of Rs. 4,80,00,000/-. Universaltech Paper LLP participated in the e-auction and made a bid of Rs. 60,20,00,000/- for the purchase of the Corporate Debtor as a going concern.

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## Issues and analysis

### Issue 1: Whether the successful bidder of a corporate debtor in liquidation, purchased as a going concern, …

**Ratio:** The principle derived from Ghanashyam Mishra and Sons Pvt Ltd v Edelweiss Asset

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**Reasoning:** The court reasoned that granting certain reliefs and concessions is essential to enable

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**Interpretation:** This issue involves interpreting the scope of powers of the Adjudicating

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**Application:** The court applied this principle by granting some of the reliefs sought by the

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## Parties

- **Judges:** Rohit K…; Balraj…; +1 more
- **Appellants:** Universaltech…
- **Respondents:** Kohinoor Pulp &…; Krishnaswa…

## Timeline

- **2018-08-21 — CIRP Init…**: Corporate Debtor admitted into Corporate…
- **2019-07-01 — Liquidation…**: Corporate Debtor…

## 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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