# In the matter of R. B. Rice Mills Pvt. Ltd. IA (IB) No.31-ALD-2022 in CP (IB) No.154-ALD-2018

> NCLT judgment dated 2022-04-06. Citation: TCN-2022-NCLT-03356. The case pertains to the dissolution of R. B. Rice Mills Private Limited, initiated under…

- **Court:** NCLT
- **Order date:** 6 Apr 2022
- **Citation:** TCN-2022-NCLT-03356
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/r-b-rice-mills-pvt-ltd-ia-ib-no31-ald-2022-in-cp-ib-no154-ald-2018-8aa3d4d1

## Summary

### Background

The case pertains to the dissolution of R. B. Rice Mills Private Limited, initiated under Section 54 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was initially admitted into Corporate Insolvency Resolution Process (CIRP) on 2018-05-10. Mr. Rajiv Bhatnagar was appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Satyendra Prasad Khorania. Subsequently, a liquidation order was passed, and Mr. Khorania was appointed as the Liquidator on 2019-11-20.

## Facts

On 2018-05-10, the Corporate Debtor, R. B. Rice Mills Pvt. Ltd., was admitted into CIRP. Mr. Rajiv Bhatnagar was appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Satyendra Prasad Khorania on 2018-10-18. A liquidation order was subsequently passed, and Mr. Khorania was appointed as the Liquidator on 2019-11-20. The Liquidator opened a bank account for the corporate debtor on 2019-12-01. Public announcements regarding the liquidation were made on 2019-11-24 and 2019-11-26. The last date for receipt of claims was 2019-12-20. The Liquidator received one claim from a financial creditor and three claims from operational creditors. The Liquidator conducted four auctions, with the fourth auction resulting in a sale of assets for ₹4,45,50,000 on

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## Issues and analysis

### Issue 1: Whether the affairs of the Corporate Debtor have been completely liquidated in accordance with the …

**Ratio:** The legal principle applied is that the affairs of the Corporate Debtor must be

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**Reasoning:** The court reasoned that upon hearing the counsel for the Liquidator and perusing the

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**Interpretation:** This involves interpreting Section 53 of the Code, which mandates the

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**Application:** The court applied this principle by examining the Liquidator's actions,

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## Parties

- **Judges:** Rajasekha…; Virendra Kumar…
- **Appellants:** Satyendra Prasad…
- **Respondents:** R. B. Rice Mills…; M/s Aryan T…
- **Advocates:** Amol…; Anuj K…

## Timeline

- **2018-05-10 — CIRP Admi…**: Corporate Debtor…
- **2018-10-18 — RP Appoin…**: Mr. Satyendra Prasad Khorania…

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