# In the matter of Ramana Sri Logistics Private Limited IA(IBC)-368-2022 in CP (IB) No. 174-10-AMR-2019

> NCLT judgment dated 2023-02-07. Citation: TCN-2023-NCLT-04742. The case involves an application (IA(IBC)/368/2022) filed in CP (IB) No. 174/10/AMR/2019 under…

- **Court:** NCLT
- **Order date:** 7 Feb 2023
- **Citation:** TCN-2023-NCLT-04742
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ramana-sri-logistics-private-limited-iaibc-368-2022-in-cp-ib-no-174-10-amr-2019-1058d74c

## Summary

### Background

The case involves an application (IA(IBC)/368/2022) filed in CP (IB) No. 174/10/AMR/2019 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016. The application was filed by the Applicant/Liquidator of Ramana Sri Logistics Pvt Ltd, seeking several reliefs related to the sale of the Corporate Debtor as a going concern. The Corporate Insolvency Resolution Process (CIRP) was initiated against Ramana Sri Logistics Private Limited, and the company was later ordered into liquidation. An e-auction was conducted, and the company was sold as a going concern to Ms. Vaishnavi Bharadwaj. The application seeks to formalize the sale, transfer control to the successful bidder, and allow for the

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## Facts

The Company Petition CP (IB) No.174/10/AMR/2019 was filed under section 10 of the Insolvency and Bankruptcy Code, 2016 to initiate CIRP against Ramana Sri Logistics Private Limited. The Tribunal admitted the petition on 2019-11-15. Mr. Pavan Kankani was appointed as Interim Resolution Professional (IRP), later replaced by Mr. B. Naga Bhushan Bhagawati. An application (IA No. 09/2021) was filed for liquidation of the Corporate Debtor, which was allowed. An order dated 2022-01-05 was issued for liquidation, and Ms. Kalpana G was appointed as Liquidator. The 4th Stakeholders Consultation Committee (SCC) meeting approved the sale of the Corporate Debtor as a going concern on 2022-07-19. An e-auction was conducted on 2022-08-01, and Ms. Vaishnavi Bharadwaj was the highest

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## Issues and analysis

### Issue 1: Whether the sale of the Corporate Debtor as a …

**Ratio:** The principle of allowing the sale of a corporate debtor as a going concern aims to

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**Reasoning:** The Tribunal found the reasons mentioned in the application valid and convincing,

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**Interpretation:** This involves interpreting the provisions of the IBC and related regulations to

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**Application:** The Tribunal applied this principle to the specific facts of the case,

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## Parties

- **Judges:** TELAPROLU…
- **Respondents:** Ramana Sri…; Bank of…

## Timeline

- **2019-11-15 — CIRP Init…**: The Tribunal admitted the Company Petition CP (IB) No.174/10/AMR/2019, initiating the…
- **2022-01-05 — Liquidation…**: An order was issued for the liquidation of the Corporate Debtor, and Ms. Kalpana G was…

## 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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