# In the matter of Punjab Basmati Rice Ltd. IA No.46-2022 in CP (IB) No.340-Chd-Pb-2018

> NCLT judgment dated 2022-07-08. Citation: TCN-2022-NCLT-01790. The application IA No.46/2022 was filed under Section 60(5) of the IBC, 2016. The applicant,…

- **Court:** NCLT
- **Order date:** 8 Jul 2022
- **Citation:** TCN-2022-NCLT-01790
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/punjab-basmati-rice-ltd-ia-no46-2022-in-cp-ib-no340-chd-pb-2018-7430734d

## Summary

### Background

The application IA No.46/2022 was filed under Section 60(5) of the IBC, 2016. The applicant, Kulwinder Singh Makhni, a suspended director of M/s Punjab Basmati Rice Ltd., sought a direction for the Liquidator to supply copies of valuation reports submitted by the respondent/Liquidator, Mr. Sanjay Kumar Aggarwal, in pursuance of an order dated 09.11.2021 passed by the Adjudicating Authority in IA No.550/2021. The applicant, being a member of the Stakeholders Consultation Committee (SCC), claimed entitlement to these reports under Regulation 31A of LP Regulations. The applicant had previously challenged the e-auction sale notice dated 13.08.2021, alleging undervaluation of the corporate debtor's assets and seeking a fresh valuation. The Adjudicating Authority had

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## Facts

Kulwinder Singh Makhni, the suspended director of Punjab Basmati Rice Ltd., filed an application (IA No.46/2022) seeking access to valuation reports of the corporate debtor's assets. These reports were prepared by appointed valuers and submitted by the Liquidator, Sanjay Kumar Aggarwal. Makhni, as a member of the Stakeholders Consultation Committee (SCC), argued that he was entitled to these reports under Regulation 31A of the IBBI (Liquidation Process) Regulations, 2016. The application stemmed from Makhni's earlier challenge to an e-auction sale notice, claiming undervaluation of the assets. The Adjudicating Authority had previously ordered a fresh valuation. The Liquidator, however, did not provide the valuation reports to Makhni. The corporate debtor's assets were

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## Issues and analysis

### Issue 1: Whether the Liquidator is mandated under the Code to share a copy of the valuation report with the …

**Ratio:** Regulation 31-A of the IBBI (Liquidation Process) Regulations, as amended, mandates the

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**Reasoning:** The court reasoned that the Member of Stakeholders' Consultation Committee (SCC) shall

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**Interpretation:** The court interpreted Regulation 31-A to mean that members of the Stakeholders'

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

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Kulwinder Singh…
- **Respondents:** Punjab Basmati…; Sanjay Kumar…

## Timeline

- **2021-11-09 — Order by Adjudicating…**: Adjudicating Authority directed the Liquidator to conduct a fresh valuation of the…
- **2021-08-13 — E-auction Sal…**: Liquidator issued an e-auction sale notice, which was challenged by the Applicant in IA…

## 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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