# In the matter of Ratandeep Infrastructure Private Limited

> NCLT judgment dated 2023-09-21. Citation: TCN-2023-NCLT-01521. The case involves an application (IA No. 177/2022) filed by Prince Jain, a claimant of the…

- **Court:** NCLT
- **Order date:** 21 Sept 2023
- **Citation:** TCN-2023-NCLT-01521
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ratandeep-infrastructure-private-limited-d0678c6c

## Summary

### Background

The case involves an application (IA No. 177/2022) filed by Prince Jain, a claimant of the Corporate Debtor, Ratandeep Infrastructure Pvt. Ltd., under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions related to a Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor. The CIRP was initiated following an order dated 16.04.2019, and Mr. Alok Kumar Kuchhal was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Despite inviting resolution plans, none were submitted, leading to the RP filing for liquidation, which was directed by the Tribunal on 31.01.2021, appointing Mr. Kuchhal as the liquidator. The applicant alleges non-compliance by the liquidator with Section

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## Facts

Prince Jain, a claimant of Ratandeep Infrastructure Pvt. Ltd., filed an application (IA No. 177/2022) under Section 60(5) of the IBC, challenging the liquidation process. The CIRP was initiated on 16.04.2019, and Alok Kumar Kuchhal was appointed as IRP and later as RP. No resolution plan was submitted, leading to a liquidation order on 31.01.2021, with Kuchhal as liquidator. Jain alleged non-compliance with Section 40(2) of the IBC, failure to upload e-auction notices on the IBBI website, and violation of a tribunal order dated 25.05.2022. Kuchhal contested the application, alleging collusion with Rakesh Kumar Agrawal and asserting Jain's lack of shareholder status. Kuchhal claimed to have published the EOI and communicated with the COC, who recommended liquidation.

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## Issues and analysis

### Issue 1: Whether the liquidator violated section 40(2) of the IBC, 2016 during liquidation process by …

**Ratio:** Section 40(2) of the IBC mandates the liquidator to communicate the decision of admission

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**Reasoning:** The Tribunal considered the respondent's argument that the delay in sending the

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**Interpretation:** The interpretation of Section 40(2) of the IBC requires the liquidator to

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**Application:** The Tribunal applied the ratio to the facts and found that the delay in

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** Prince…
- **Respondents:** Ratandeep…; Sh. Alok K…

## Timeline

- **2019-04-16 — CIRP Init…**: Tribunal directed to initiate CIRP against…
- **2019-04-16 — Appointment…**: Mr. Alok Kumar Kuchhal appointed as…

## 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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