# In the matter of Mathstraman Manufacturers and Traders Pvt. Ltd.

> NCLT judgment dated 2024-01-19. Citation: TCN-2024-NCLT-02992. The case involves an application filed by Imelt Extrusions Private Limited, the auction…

- **Court:** NCLT
- **Order date:** 19 Jan 2024
- **Citation:** TCN-2024-NCLT-02992
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mathstraman-manufacturers-and-traders-pvt-ltd-9a705143

## Summary

### Background

The case involves an application filed by Imelt Extrusions Private Limited, the auction purchaser, 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 the sale certificate in Book No. 1 under Section 89(4) of the Registration Act, 1908. Union Bank of India initiated CIRP against Mathstraman Manufacturers And Traders Private Limited, which was admitted on 20.11.2020. Upon failure of resolution, liquidation was ordered, and the second respondent was appointed as the liquidator. The liquidator conducted an e-auction where Imelt Extrusions emerged as the successful bidder for Block A assets. After receiving the full sale consideration, the liquidator sent the sale certificate

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## 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 November 20, 2020. As no resolution plan was received, the Tribunal ordered liquidation and appointed a liquidator. The liquidator, exercising powers under Section 35 of the IBC, conducted a public auction for the Corporate Debtor's properties. Imelt Extrusions Private Limited participated in the e-auction, depositing an Earnest Money Deposit (EMD) of Rs. 27.80 lakhs for Block A assets (31.78 Ares) and emerged as the successful bidder with a bid of Rs. 3,88,00,000/-. The liquidator issued a Letter of Intent on December 24, 2022, confirming the

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## Issues and analysis

### Issue 1: Whether this Tribunal has the …

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

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**Reasoning:** The court relies on the judgment in M/s. Embassy Property Developments Pvt. Ltd v. The

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**Interpretation:** Section 60(5)(c) of the IBC grants the NCLT residuary jurisdiction to

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**Application:** The court must determine whether the dispute regarding the registration of the

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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) initiated against Mathstraman…
- **N/A — Liquidation…**: Tribunal ordered liquidation of the…

## 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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