# 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-03332. The case pertains to the dissolution of R. B. Rice Mills Private Limited, a corporate debtor,…

- **Court:** NCLT
- **Order date:** 6 Apr 2022
- **Citation:** TCN-2022-NCLT-03332
- **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-2018-9233cfca

## Summary

### Background

The case pertains to the dissolution of R. B. Rice Mills Private Limited, a corporate debtor, 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 as Resolution Professional on 2018-10-18. Subsequently, a liquidation order was passed, and Mr. Satyendra Prasad Khorania was appointed as the Liquidator on 2019-11-20. The Liquidator conducted several auctions to liquidate the assets of the corporate debtor and distributed the proceeds to the stakeholders.

## Facts

On 2018-05-10, the Adjudicating Authority admitted R. B. Rice Mills Pvt. Ltd. into CIRP. Mr. Rajiv Bhatnagar was appointed as the Interim Resolution Professional (IRP), and later replaced by Mr. Satyendra Prasad Khorania as Resolution Professional on 2018-10-18. A liquidation order was subsequently passed, and Mr. Khorania was appointed as Liquidator on 2019-11-20. The Liquidator opened a bank account for the corporate debtor. 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, submitting a report on 2020-01-29. The Liquidator filed a Preliminary Report and Asset Memorandum on

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## Issues and analysis

### Issue 1: Whether the affairs of the Corporate …

**Ratio:** Section 53 of the Insolvency and Bankruptcy Code, 2016 mandates the distribution of

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**Reasoning:** The Adjudicating Authority, upon hearing the Ld. Counsel appearing for the Liquidator and

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**Interpretation:** The complete liquidation of the Corporate Debtor's affairs implies that all

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**Application:** The Liquidator has realized the assets of the Corporate Debtor through auctions

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## Parties

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

## Timeline

- **2018-05-10 — Admission in…**: Corporate Debtor admitted into Corporate…
- **2018-10-18 — Appointment of…**: Mr. Satyendra Prasad Khorania…

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