# In the matter of Kumar Aquatech Agencies Pvt. Ltd. IA (IBC) 1100 & 1398-2022 & IA (IBC) 164 & 163-2023 in Company Petition IB-275-2021

> NCLT judgment dated 2023-02-13. Citation: TCN-2023-NCLT-04613. The case involves an application to set aside an earlier order dated 09.12.2022, where the…

- **Court:** NCLT
- **Order date:** 13 Feb 2023
- **Citation:** TCN-2023-NCLT-04613
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kumar-aquatech-agencies-pvt-ltd-ia-ibc-1100-1398-2022-ia-ibc-164-163-2023-in-com-04e5b542

## Summary

### Background

The case involves an application to set aside an earlier order dated 09.12.2022, where the Tribunal had set aside the suspended management of the Applicant ex-parte. Additionally, the Resolution Professional (RP) filed an application seeking initiation of liquidation of the corporate debtor, contending that invitation Form -G has been published and no resolution plan has been received within the stipulated time. The corporate debtor is reported to have no assets. The CoC members unanimously agreed with 100% voting for liquidation and directed the applicant to file an application under Section 33 (1)(a) of the Code. The CoC also decided on the appointment and fees of the liquidator.

## Facts

Gayatri Sea Foods and Feeds Pvt Ltd filed a Company Petition IB/275/2021 against Kumar Aquatech Agencies Pvt Ltd. An application was filed to set aside an order dated 09.12.2022, where the Tribunal had set the suspended management of the Applicant ex-parte. The counsel for the applicant, Shri Srinivasulu, submitted that he was unable to file Vakalat due to his mother's illness. The Resolution Professional (RP) filed an application seeking initiation of liquidation of the corporate debtor, contending that invitation Form -G has been published and no resolution plan has been received within time. The corporate debtor is reported to have no assets. In the 3rd COC meeting dated 15.11.2022, the members unanimously agreed with 100% voting for liquidation and directed the

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## Issues and analysis

### Issue 1: Whether the Tribunal was correct in setting aside the order dated 09.12.2022, which had set the …

**Ratio:** The Tribunal has the power to review and set aside its own orders if sufficient cause is

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**Reasoning:** The counsel for the applicant submitted that he was unable to file Vakalat due to his

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**Interpretation:** This demonstrates the Tribunal's willingness to ensure fairness and provide

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**Application:** The Tribunal applied this principle by setting aside the order dated

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Gayatri Sea Foods…
- **Respondents:** Kumar Aquatech…
- **Advocates:** Sriniva…; Ms.Vazra…

## Timeline

- **2022-11-15 — 3rd COC M…**: The 3rd COC meeting was held where members discussed and deliberated the facts and…
- **2022-12-09 — Order Setting Aside…**: The Tribunal set the suspended…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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