# In the matter of Radius Infratel Private Limited IA (I.B.C)-2166 & 4672(PB)-2022 in CP (IB)-59(PB)-2018

> NCLT judgment dated 2023-03-15. Citation: TCN-2023-NCLT-04245. The case involves an application for the continuation of the liquidation process of the…

- **Court:** NCLT
- **Order date:** 15 Mar 2023
- **Citation:** TCN-2023-NCLT-04245
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/radius-infratel-private-limited-ia-ibc-2166-4672pb-2022-in-cp-ib-59pb-2018-d22f2966

## Summary

### Background

The case involves an application for the continuation of the liquidation process of the Corporate Debtor, M/s Radius Infratel Private Limited. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) based on an application filed by Union Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016. Subsequently, an order was passed directing the liquidation of the Corporate Debtor, and a liquidator, Mr. Arvind Garg, was appointed. The liquidator attempted to sell the Corporate Debtor as a going concern, but the initial successful bidder failed to honor the payment. The liquidator then sought an extension of the liquidation period to continue efforts to sell the Corporate Debtor as a going concern.

## Facts

M/s Radius Infratel Private Limited (Corporate Debtor) was incorporated on 13.05.2008 and is engaged in providing Fiber-to-the-Home (FTTH) network. Union Bank of India (Financial Creditor) initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP application was admitted on 23.07.2018, and Mr. Arvind Garg was appointed as the Interim Resolution Professional (IRP). Subsequently, an order was passed on 31.05.2021 directing the liquidation of the Corporate Debtor, and Mr. Arvind Garg was appointed as the Liquidator. The Liquidator attempted to sell the Corporate Debtor as a going concern, and VNPV Realty LLP emerged as the successful bidder in an e-auction held on 16.08.2021.

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## Issues and analysis

### Issue 1: Whether the application for continuation of the liquidation process of the Corporate Debtor should …

**Ratio:** The court considered the need for beneficial liquidation and protection of the interests

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**Reasoning:** The court noted that the applicant sought an extension of time to continue the

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**Interpretation:** The court interpreted the provisions of the Insolvency and Bankruptcy Code,

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**Application:** The court applied the ratio to the facts of the case, noting that the applicant

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** Union Bank of…
- **Respondents:** M/s RADIUS…

## Timeline

- **2008-05-13 — Incorporation of…**: M/s Radius Infratel Private…
- **2018-07-23 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 35(1) — Powers and duties of liquidator](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-35)

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