# In the matter of Patwa Automotive Private Limited

> NCLT judgment dated 2023-11-30. Citation: TCN-2023-NCLT-00504. The application IA/267(MP)2023 was filed by Kalyan Toll Infrastructure Limited under Rule 11 of…

- **Court:** NCLT
- **Order date:** 30 Nov 2023
- **Citation:** TCN-2023-NCLT-00504
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/patwa-automotive-private-limited-9cdf15a2

## Summary

### Background

The application IA/267(MP)2023 was filed by Kalyan Toll Infrastructure Limited under Rule 11 of NCLT Rules, 2016 read with section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking reliefs and appropriate directions from the Adjudicating Authority. The financial creditor had initiated Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, Patwa Automotive Pvt Ltd, which was admitted on 09.09.2020. Mr. Sajjan Kumar Dokania was appointed as the Interim Resolution Professional (IRP) and subsequently as the Resolution Professional (RP). The Adjudicating Authority allowed IA/14/MP/2022 on 30.09.2022, filed by RP seeking liquidation of the corporate debtor and appointed RP as the liquidator. The liquidator issued two E-Auction Process

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## Facts

Ritwik Finance Enterprises Pvt Ltd initiated CIRP against Patwa Automotive Pvt Ltd under Section 7 of IBC, which was admitted on 09.09.2020. Sajjan Kumar Dokania was appointed as IRP and later as RP. The Adjudicating Authority allowed liquidation of Patwa Automotive Pvt Ltd on 30.09.2022. The liquidator issued e-auction notices on 24.12.2022, for two land parcels. Kalyan Toll Infrastructure Limited participated in the auction and was declared the successful bidder for land admeasuring 5490 Sq. Mtrs. and 3120 Sq. Mtrs. The applicant was required to deposit Rs 31,20,00,000/- and Rs 6,35,50,000/- respectively, after adjusting EMD. The Adjudicating Authority directed the applicant to deposit the amount at the time of receiving possession on 30.03.2023. The applicant

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## Issues and analysis

### Issue 1: Whether the applicant should be allowed to pay the balance consideration within a period of ten …

**Ratio:** The court considered the previous orders and the fact that the applicant had already been

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**Reasoning:** The court noted that the relief sought had become infructuous as the Adjudicating

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**Interpretation:** The court interpreted the previous orders and the current application in light

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**Application:** Since the permission to execute the sale deed had already been granted, the

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## Parties

- **Judges:** P. Moha…; KAUSHALENDRA…
- **Appellants:** Kalyan Toll…
- **Respondents:** Patwa Automotive…; Sajjan Kumar…

## Timeline

- **2020-09-09 — CIRP Admi…**: Corporate Insolvency Resolution Process (CIRP)…
- **2022-09-30 — Liquidation…**: Adjudicating Authority allowed…

## 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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