# In the matter of Noni Bio-tech Private Limited

> NCLT judgment dated 2024-02-02. Citation: TCN-2024-NCLT-02795. The case involves an application filed by the liquidator of Noni-Biotech Private Limited under…

- **Court:** NCLT
- **Order date:** 2 Feb 2024
- **Citation:** TCN-2024-NCLT-02795
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/noni-bio-tech-private-limited-28d8cebd

## Summary

### Background

The case involves an application filed by the liquidator of Noni-Biotech Private Limited under Regulation 32A of the Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016. The liquidator sought permission to sell the Corporate Debtor, Noni-Biotech Private Limited, as a going concern. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) vide order dated 24.09.2019 and subsequently into liquidation vide order dated 28.02.2020. The liquidator has sold some assets but seeks to sell other assets, for which the title is unclear, on an 'as is where is' basis.

## Facts

Noni-Biotech Private Limited was admitted into Corporate Insolvency Resolution Process (CIRP) on 2019-09-24 and subsequently into liquidation on 2020-02-28. J. Karthiga is the liquidator. The liquidator has sold some assets of the Corporate Debtor. The liquidator identified certain assets for which the title is defective. The liquidator seeks to sell these assets on an 'as is where is' basis for Rs. 60 lakh. The Stakeholders Consultation Committee (SCC) approved the sale. The liquidator seeks permission to sell the Corporate Debtor as a going concern, despite the lapse of 90 days from the liquidation commencement date. The assets identified with defective titles include properties in Patwari Halka, Sarola Somvanshi, and Sivandhipatti. Some assets have been sold,

…

## Issues and analysis

### Issue 1: Whether the liquidator can sell the Corporate Debtor as a going concern despite the expiration of …

**Ratio:** Regulation 32A(4) of the Liquidation Process Regulations, which prescribes a 90-day

…

**Reasoning:** The court relies on previous orders from the National Company Law Tribunal, Hyderabad

…

**Interpretation:** The 90-day period is interpreted as a guideline rather than a strict deadline,

…

**Application:** The court applies this interpretation to the present case, recognizing that the

…

## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** J. Kart…
- **Respondents:** M/s. Noni…; M/s. Glocaledge…

## Timeline

- **2019-09-24 — Admission in…**: Corporate Debtor admitted into Corporate…
- **2020-02-28 — Liquidation…**: Corporate Debtor…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 36(3) — Liquidation estate](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-36)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/noni-bio-tech-private-limited-28d8cebd