# In the matter of Ratandeep Infrastructure Private Limited

> NCLT judgment dated 2023-09-21. Citation: TCN-2023-NCLT-01517. The application IA No. 348/2022 was filed in CP (IB) NO. 45/ALD/2019 under Section 60(5) of the…

- **Court:** NCLT
- **Order date:** 21 Sept 2023
- **Citation:** TCN-2023-NCLT-01517
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ratandeep-infrastructure-private-limited-292ce6d7

## Summary

### Background

The application IA No. 348/2022 was filed in CP (IB) NO. 45/ALD/2019 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of NCLT Rules, 2016. The applicants, flat buyers in the Silver Holmes project of the Corporate Debtor (Ratandeep Infrastructure Private Limited), sought directions including impleading respondents, declaring the auction illegal, directing the liquidator to sell assets as a going concern, and taking action against the liquidator for disregarding the IBC, 2016. The applicants contended that the liquidator violated IBC during CIRP and liquidation, raised objections to claim amounts, and were not involved in deliberations. They also highlighted a rejected scheme of compromise and arrangement and alleged the liquidator

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## Facts

Navneet Jain and Chetna Rustagi, flat buyers in the Silver Holmes project of Ratandeep Infrastructure Private Limited, filed an application (IA No. 348/2022) against the ongoing liquidation process. They alleged violations of the Insolvency and Bankruptcy Code (IBC), 2016, by the liquidator, including discrepancies in claim amounts and lack of involvement in deliberations. The applicants also contested the e-auction process, claiming it was conducted unethically and that the liquidator was a related party. They highlighted a rejected scheme of compromise and arrangement, asserting that the liquidator auctioned assets at a lower price. Bankey Bihari Infrahomes Private Limited had previously filed an appeal before NCLAT against an order related to the same matter. The

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority committed any error in disposing of IA 154/2022 by allowing the …

**Ratio:** The Adjudicating Authority has the discretion to decide whether to allow the liquidator

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**Reasoning:** The NCLT reasoned that the Adjudicating Authority had not erred because it had provided

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**Interpretation:** This issue involves interpreting the powers and duties of the Adjudicating

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**Application:** In this case, the NCLT applied the ratio to the facts by finding that the

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** Navneet…
- **Respondents:** Ratandeep…

## Timeline

- **2019-01-01 — Company Petiti…**: Company Petition No. (IB)…
- **2022-06-01 — E-auction In…**: The e-auction 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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