# In the matter of Rabirun Vinimay Private Limited

> NCLT judgment dated 2023-12-11. Citation: TCN-2023-NCLT-00318. The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 11 Dec 2023
- **Citation:** TCN-2023-NCLT-00318
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rabirun-vinimay-private-limited-a3686ec1

## Summary

### Background

The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 by Mr. Kannan Tiruvengadam, the Liquidator of Rabirun Vinimay Private Limited, the Corporate Debtor. The application seeks confirmation of the sale of the Corporate Debtor as a going concern to Jindal Stainless Steelway Limited, the Respondent, who acted as the anchor bidder and emerged as the highest bidder pursuant to a Swiss Challenge auction. The Corporate Debtor was initially admitted into Corporate Insolvency Resolution Process (CIRP) on March 7, 2019, following an application by UCO Bank. Subsequently, due to the absence of a resolution plan, the Adjudicating Authority ordered the liquidation of the Corporate Debtor on March 5, 2020, and appointed Mr. Kannan

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## Facts

On March 7, 2019, UCO Bank initiated Corporate Insolvency Resolution Process (CIRP) against Rabirun Vinimay Private Limited, leading to the company being placed under CIRP by the Adjudicating Authority, with Mr. Kannan Tiruvengadam appointed as the Interim Resolution Professional. Due to the absence of a viable resolution plan, the Adjudicating Authority ordered the liquidation of Rabirun Vinimay Private Limited on March 5, 2020, and re-appointed Mr. Kannan Tiruvengadam as the Liquidator. The Liquidator published fifteen public notices between November 2, 2022, and November 11, 2022, to sell the Corporate Debtor as a going concern. The Liquidator received offers from four parties between May 12, 2022, and June 20, 2022, but rejected them. SRMB Srijan Private Limited

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## Issues and analysis

### Issue 1: Whether the sale of the Corporate Debtor as a going concern to Jindal Stainless Steelway Limited is …

**Ratio:** The sale of a Corporate Debtor as a going concern is a recognized method of maximizing

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**Reasoning:** The Adjudicating Authority considered the entire process, from the initial CIRP to the

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**Interpretation:** The I&B Code aims to resolve insolvency in a timely and efficient manner,

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**Application:** In this case, the Adjudicating Authority found that the Liquidator had followed

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## Parties

- **Judges:** BIDISHA BA…; ARVIND DEVA…
- **Respondents:** Rabirun Vinimay…; Jindal Stainless…

## Timeline

- **2019-03-07 — Initiation…**: UCO Bank filed an application for initiation of Corporate Insolvency Resolution Process…
- **2020-03-05 — Liquidation…**: The Adjudicating Authority passed an order for liquidation of Rabirun Vinimay Private…

## 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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