# In the matter of Ratandeep Infrastructure Private Limited

> NCLT judgment dated 2023-09-21. Citation: TCN-2023-NCLT-01519. The intervention application, IA No. 76/2023, was filed by AKJ Realtech Private Limited under…

- **Court:** NCLT
- **Order date:** 21 Sept 2023
- **Citation:** TCN-2023-NCLT-01519
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ratandeep-infrastructure-private-limited-0c096685

## Summary

### Background

The intervention application, IA No. 76/2023, was filed by AKJ Realtech Private Limited under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016. The applicant sought impleadment in I.A No. 177 of 2022 in CP (IB) No. 45/ALD/2019, seeking directions to intervene in I.A No. 177 of 2022 and to vacate the Order dated 06.07.2022 in I.A No. 177 of 2022, in light of the dismissal of CA No. 125 of 2023 by the Hon'ble Supreme Court.

## Facts

AKJ Realtech Private Limited filed an intervention application (IA No. 76/2023) in CP (IB) No. 45/ALD/2019, seeking to be impleaded in I.A No. 177 of 2022. The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016. AKJ Realtech was the successful bidder in an E-auction conducted on 06.06.2022, with a bid of Rs. 7.45 Crores. The Liquidator/Respondent No.2 executed a letter of Intent dated 07.06.2022 in favor of the applicant. Respondent No.1 had filed I.A No. 177 of 2022 seeking a stay on the sale. The Hon'ble Supreme Court dismissed CA No. 125 of 2023. The tribunal had already passed orders on 21.09.2023 in I.A. No. 193 of 2022, allowing the auction process, and dismissed I.A No. 177 of 2022.

## Issues and analysis

### Issue 1: Whether the intervention application (IA No. 76/2023) filed by AKJ Realtech Private Limited should …

**Ratio:** The principle of allowing a necessary and proper party to intervene in a proceeding to

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**Reasoning:** The tribunal reasoned that separate orders had already been passed allowing the auction

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**Interpretation:** The interpretation involves considering the applicant's right to protect its

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** AKJ Realtech…
- **Respondents:** Ratandeep…; Prince…

## Timeline

- **2022-06-06 — E-Auction Co…**: E-auction conducted where AKJ Realtech Private Limited was the successful bidder with a…
- **2022-06-07 — Letter of Intent…**: The Liquidator/Respondent No.2 executed a letter of Intent in favor of AKJ Realtech…

## 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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