# In the matter of R. A. Samy Trading Private Limited CA (CAA) -2 (CHE)-2023 in IBA-332-2019

> NCLT judgment dated 2023-03-07. Citation: TCN-2023-NCLT-04293. The case pertains to a Company Application filed by the Liquidator of M/s. R.A. Samy Trading…

- **Court:** NCLT
- **Order date:** 7 Mar 2023
- **Citation:** TCN-2023-NCLT-04293
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/r-a-samy-trading-private-limited-ca-caa-2-che-2023-in-iba-332-2019-de9816b0

## Summary

### Background

The case pertains to a Company Application filed by the Liquidator of M/s. R.A. Samy Trading Private Limited under Regulation 2B of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, read with sections 230 to 232 of the Companies Act, 2013, seeking directions for dispensing with the convening of a meeting of the stakeholders of the company under liquidation and fixing a date for the presentation of the company petition. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on an application by Union Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016. Subsequently, the Tribunal ordered liquidation of the Corporate Debtor and appointed the applicant as the Liquidator.

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## Facts

The Corporate Debtor, M/s. R.A. Samy Trading Private Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated by Union Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016. Subsequently, the Tribunal ordered liquidation and appointed the applicant, CA. Ashok Seshadri, as the Liquidator. The Liquidator filed a Company Application seeking dispensation of a stakeholders' meeting under Sections 230-232 of the Companies Act, 2013, to consider a Scheme of Arrangement proposed by Mr. C. Ganesh, a creditor and the 'Scheme Proponent'. The Stakeholders Consultation Committee (SCC) was duly constituted. The SCC held multiple meetings to consider the scheme. Several auction sales were conducted with decreasing reserve prices, but none were

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## Issues and analysis

### Issue 1: Whether the Tribunal should grant directions for dispensing with the convening of a meeting of the …

**Ratio:** The Tribunal has wide powers under Section 230 of the Companies Act, 2013, to approve a

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**Reasoning:** The Tribunal considered the submissions made by the Learned Counsel for the Applicant and

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**Interpretation:** Section 230 of the Companies Act, 2013 provides the framework for schemes of

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**Application:** The Tribunal directed the Liquidator to constitute a Stakeholders Committee in

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## Parties

- **Judges:** Sh. Ashok Kumar…; SAMEER…
- **Appellants:** CA. Ashok S…
- **Respondents:** M/s. R.A. Samy…
- **Advocates:** S. Sathiyanarayana…

## Timeline

- **2019-04-30 — Admission in…**: The Corporate Debtor was admitted into Corporate Insolvency Resolution Process at the…
- **2021-04-20 — Liquidation…**: The Tribunal ordered liquidation of the Corporate Debtor and appointed the applicant as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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