# In the matter of Mathstraman Manufacturers and Traders Private Limited

> NCLT judgment dated 2024-01-19. Citation: TCN-2024-NCLT-02993. The case involves an application filed by Imelt Extrusions Private Limited under Section…

- **Court:** NCLT
- **Order date:** 19 Jan 2024
- **Citation:** TCN-2024-NCLT-02993
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mathstraman-manufacturers-and-traders-private-limited-fd59a47b

## Summary

### Background

The case involves an application filed by Imelt Extrusions Private Limited under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016, and Rule 11 of NCLT Rules, 2016, seeking a direction to the Sub Registrar to file a sale certificate in Book No. 1 under Section 89(4) of the Registration Act, 1908. The applicant, as the successful auction purchaser, faced refusal from the Sub Registrar to make the entry due to unpaid stamp duty as per the Kerala Stamp Act.

## Facts

Union Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Mathstraman Manufacturers And Traders Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC). The CIRP was admitted on 2020-11-20. Subsequently, the Tribunal ordered liquidation due to the absence of a resolution plan and appointed a liquidator. The liquidator conducted a public auction of the corporate debtor's assets, in which Imelt Extrusions Private Limited participated and emerged as the successful bidder for Block A assets, depositing an EMD of Rs. 27.80 lakhs and bidding a total of Rs. 3,88,00,000/-. A Letter of Intent was issued on 2022-12-24. The liquidator sent the Sale Certificate to the Sub Registrar on 2023-08-16, but the Sub Registrar refused to make

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## Issues and analysis

### Issue 1: Whether the NCLT has the jurisdiction to consider the application directing the Sub Registrar to …

**Ratio:** The NCLT's jurisdiction under Section 60(5)(c) of the Insolvency and Bankruptcy Code is

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**Reasoning:** The Tribunal relied on the Supreme Court's judgment in M/s. Embassy Property Developments

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**Interpretation:** Section 60(5)(c) provides the NCLT with residuary jurisdiction to adjudicate on

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**Application:** The Tribunal acknowledged that the dispute must have a discernible connection

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## Parties

- **Judges:** Shyam Babu…; T Krishna…
- **Appellants:** Imelt Extrusions…
- **Respondents:** Mathstraman…; THE SUB REG…

## Timeline

- **2020-11-20 — CIRP Admi…**: Corporate Insolvency Resolution Process (CIRP) against Mathstraman Manufacturers And…
- **N/A — Liquidation…**: Tribunal ordered liquidation due to the absence of a resolution plan and appointed a…

## 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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