# In the matter of Powai Cubicles Pvt. Ltd.

> NCLT judgment dated 2024-01-24. Citation: TCN-2024-NCLT-02948. The case pertains to an application filed by M/s Metro Transit Private Limited, the successful…

- **Court:** NCLT
- **Order date:** 24 Jan 2024
- **Citation:** TCN-2024-NCLT-02948
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/powai-cubicles-pvt-ltd-d3be12cd

## Summary

### Background

The case pertains to an application filed by M/s Metro Transit Private Limited, the successful bidder for Powai Cubicles Private Limited (the Corporate Debtor), under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016. The Corporate Debtor was undergoing liquidation, and the applicant sought various reliefs and concessions to facilitate the smooth running of the Corporate Debtor as a going concern. The CIRP against the Corporate Debtor was initiated on 2021-02-26, and a liquidation order was passed on 2022-03-30. A public notice was issued on 2023-03-05 inviting potential bidders, and the applicant was declared the successful bidder on 2023-03-30 after participating in the e-auction. The applicant paid the entire

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## Facts

M/s Metro Transit Private Limited is the successful bidder for Powai Cubicles Private Limited, the Corporate Debtor, which was undergoing liquidation. The CIRP was initiated on 2021-02-26, and a liquidation order was passed on 2022-03-30. A public notice was issued on 2023-03-05, and the applicant was declared the successful bidder on 2023-03-30 after participating in the e-auction. The applicant paid the entire sale consideration of Rs. 6,22,11,000/-. The Liquidator issued a Certificate of Sale dated 2023-04-28, declaring the applicant as the purchaser of the Corporate Debtor as a going concern. The immovable assets of the Corporate Debtor, including Block No. 1601, 1602, and 1604, Lodha Supremus, Saki Vihar Road, Mumbai, were transferred to the applicant. The

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## Issues and analysis

### Issue 1: Whether the applicant, as the successful bidder, is entitled to the reliefs and concessions sought …

**Ratio:** The NCLAT in M/s Shiv Shakti Inter Globe Exports Private Limited emphasized that a

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**Reasoning:** The Tribunal considered the observations of the NCLAT and the provisions of Section 53 of

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**Interpretation:** The legal issue concerns the extent to which a successful bidder acquiring a

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**Application:** The Tribunal applied the ratio and reasoning to the specific facts of the case,

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** M/s Metro Transit…
- **Respondents:** Powai Cubicles…; M/s. Powai…

## Timeline

- **2021-02-26 — CIRP Init…**: CIRP against the Corporate Debtor was…
- **2022-03-30 — Liquidation…**: The Adjudicating Authority passed a liquidation order of the Corporate Debtor under…

## 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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