# 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-04726. The case pertains to IA No. 6280/ND/2022 filed by Mr. Sajeve Bhushan Deora, the liquidator of…

- **Court:** NCLT
- **Order date:** 8 Feb 2023
- **Citation:** TCN-2023-NCLT-04726
- **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-9f0dcc13

## Summary

### Background

The case pertains to IA No. 6280/ND/2022 filed by Mr. Sajeve Bhushan Deora, the liquidator of Orchid Salon Services Private Limited, seeking permission from the Adjudicating Authority to sell the Corporate Debtor (Noslar International Limited) as a going concern under Section 35(1)(f) r/w Section 60(5) of IBC 2016 and Regulation 32 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The liquidation process commenced on 28.02.2020, and Mr. Deora was appointed as the liquidator.

## Facts

The Corporate Debtor, Noslar International Limited, is undergoing liquidation. The liquidation process commenced on 28.02.2020. Mr. Sajeve Bhushan Deora is the liquidator. The liquidator filed IA No. 6280/ND/2022 seeking permission to sell the Corporate Debtor as a going concern. Several e-auctions were conducted to sell the assets, including land, building, plant & machinery, and vehicles. The Stakeholders Consultation Committee (SCC) approved the sale of the Corporate Debtor as a going concern. Mr. Surender Kumar Bansal showed interest in purchasing the Corporate Debtor as a going concern and submitted a bank draft. The SCC passed resolutions regarding the sale of the Corporate Debtor as a going concern, including the assets and liabilities to be included in the

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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 sale of the corporate debtor

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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

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## Parties

- **Judges:** Sh. Ashok Kumar…; L. N. G…
- **Appellants:** Surinder Ma…
- **Respondents:** Nolsar Internation…

## Timeline

- **2020-02-28 — Commencement of…**: Liquidation Process of the Corporate Debtor…
- **2020-02-28 — Appointment of…**: Mr. Sajeve Bhushan Deora was appointed as…

## 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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