# In the matter of Ratandeep Infrastructure Private Limited

> NCLT judgment dated 2023-09-21. Citation: TCN-2023-NCLT-01512. The case involves an application (IA No. 82/2023) filed under Section 60(5) of the Insolvency…

- **Court:** NCLT
- **Order date:** 21 Sept 2023
- **Citation:** TCN-2023-NCLT-01512
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ratandeep-infrastructure-private-limited-bd098015

## Summary

### Background

The case involves an application (IA No. 82/2023) filed under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the NCLT Rules, 2016, seeking permission for re-auction of the Corporate Debtor's assets and removal of the liquidator. The applicant, Bankey Bihari Infrahomes Pvt. Ltd., contended that the liquidator proceeded with the auction and dissolution of the corporate debtor without considering its revival as a going concern. The applicant also alleged that the liquidator was a related party to the corporate debtor and failed to disclose this fact, violating IBBI regulations. The applicant had previously submitted a scheme of compromise and arrangement, proposing a higher value for the assets than the accepted e-auction bid. The

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## Facts

The applicant, Bankey Bihari Infrahomes Pvt. Ltd., filed an application seeking re-auction of the Corporate Debtor's assets and removal of the liquidator, Mr. Alok Kumar Kuchchal. The applicant contended that the liquidator proceeded with the auction without considering the revival of the corporate debtor as a going concern, and that the liquidator was a related party to the corporate debtor. The applicant had submitted a scheme of compromise and arrangement proposing a higher value for the assets (Rs. 12.48 crores) than the accepted e-auction bid (Rs. 7.45 crores by AKJ Realtech Private Limited). The applicant alleged that the liquidator failed to disclose his relationship with the suspended director's family and violated IBBI regulations by not uploading the list of

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in disposing of IA 154/2022, allowing the Liquidator to …

**Ratio:** The principle of res judicata applies, preventing the re-litigation of issues already

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**Reasoning:** The court reasoned that the applicant had been given reasonable and sufficient

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**Interpretation:** This issue involves the interpretation of Section 230 of the Companies Act,

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**Application:** The court applied the principle of res judicata, noting that similar grounds

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** Bankey Bihari…
- **Respondents:** Ratandeep…; Alok Kumar…
- **Advocates:** Pranav…; Babita…

## Timeline

- **2019-04-16 — CIRP Init…**: CIRP initiated with appointment of…
- **2021-01-31 — Liquidation…**: Liquidation of the…

## 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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