# In the matter of Noslar International Limited IA. NO. 6280-ND-2022
in Company Petition No. (IB)-1031(ND)-2018

> NCLT judgment dated 2023-02-08. Citation: TCN-2023-NCLT-04716. The case involves an application (IA No. 6280 of 2022) filed by the liquidator, Mr. Sajeve…

- **Court:** NCLT
- **Order date:** 8 Feb 2023
- **Citation:** TCN-2023-NCLT-04716
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/noslar-international-limited-ia-no-6280-nd-2022-in-company-petition-no-ib-1031nd-0aa50c4e

## Summary

### Background

The case involves an application (IA No. 6280 of 2022) filed by the liquidator, Mr. Sajeve Bhushan Deora, of Noslar International Limited, seeking permission from the Adjudicating Authority (NCLT) to sell the Corporate Debtor (Noslar International Limited) as a going concern. The liquidation process had commenced earlier, and the liquidator had conducted multiple rounds of e-auctions without successfully selling the company as a going concern in the first auction. The Stakeholders Consultation Committee (SCC) had discussed the matter and allowed the sale of the Corporate Debtor as a going concern. The liquidator obtained Confidentiality and Non-disclosure Undertaking (CNDU) from a potential bidder and prepared necessary documents for the sale.

## Facts

1. Mr. Sajeve Bhushan Deora is the Liquidator of Noslar International Limited.
2. The liquidation process of Noslar International Limited commenced vide order dated 2020-02-28.
3. The Liquidator filed IA No. 6280 of 2022 seeking permission to sell Noslar International Limited as a going concern.
4. The Liquidator conducted several e-auction rounds to sell the Corporate Debtor's assets, including land, building, plant & machinery, and vehicles, but was not successful in selling the company as a going concern in the first auction.
5. Mr. Surender Kumar Bansal showed interest in purchasing the Corporate Debtor as a going concern and submitted a bank draft of Rs. 66 Lakhs.
6. The Stakeholders Consultation Committee (SCC) considered the matter in its 13th and 14th meetings

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## Issues and analysis

### Issue 1: Whether there is any bar in selling the Corporate …

**Ratio:** Regulation 32A(4) of the Insolvency and Bankruptcy Board of India (Liquidation Process)

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**Reasoning:** The court reasoned that while Regulation 32A(4) allows the liquidator to sell the assets

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**Interpretation:** The court interpreted Regulation 32A(4) to mean that the liquidator has the

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**Application:** The court applied this interpretation to the facts of the case, noting that the

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. L. N.…
- **Appellants:** Surinder Ma…
- **Respondents:** Nolsar Internation…

## Timeline

- **2020-02-28 — Commencement of…**: The Liquidation Process of the…
- **2021-02-15 — First E-A…**: E-auction of Land & Building, Plant & Machinery, Vehicles and Inventory. Realization of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 35(1) — Powers and duties of liquidator](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-35)

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