# In the matter of Ratandeep Infrastructure Private Limited

> NCLT judgment dated 2023-09-21. Citation: TCN-2023-NCLT-01513. The application IA No.226/2023 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-01513
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ratandeep-infrastructure-private-limited-ed8e0c40

## Summary

### Background

The application IA No.226/2023 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, primarily home buyers, sought directions regarding the conduct of the liquidator, alleging collusion with the corporate debtor's promoters and questioning the liquidator's suitability. They also challenged the auction process and valuation of the corporate debtor's assets. The applicants argued that the liquidator failed to disclose connections with the former director of the Corporate Debtor and that the auction was conducted at an undervalued price to a party lacking credentials. They also alleged violations of IBBI regulations and the absence of transparency in the e-auction process.

## Facts

Several home buyers filed an application (IA No. 226/2023) alleging collusion between the liquidator and the corporate debtor's promoters, questioning the liquidator's suitability due to a questionable pecuniary relationship. The applicants claimed the liquidator fabricated consent letters and concealed connections with the former director of the corporate debtor, Surendra Kumar Aggarwal, and his family. One member of the Committee of Creditors (COC), M/s BG Freight Shopee India Pvt. Ltd., was a shareholder in Silvertoan Papers Private Limited, where the liquidator previously held a director position. The liquidator's office was located at the same address as Silvertoan Papers Limited. The applicants also pointed out that the auction notice had a low bid price of Rs 7

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in disposing of the IA 154/2022 by the Impugned Order …

**Ratio:** The NCLT relied on the judgment of the Supreme Court in Arun Kumar Jagatramka vs. Jindal

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**Reasoning:** The NCLT reasoned that the Adjudicating Authority had provided reasonable and sufficient

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**Interpretation:** The court interpreted Section 230 of the Companies Act, 2013, in conjunction

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**Application:** The court applied the ratio to the facts of the case by noting that the

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** Sumitro Cha…
- **Respondents:** Ratandeep…; Alok Kumar…

## Timeline

- **2021-12-21 — Establishment of AKG…**: AKG Real Tech Private Limited, the successful…
- **2022-01-31 — Liquidation…**: The Tribunal issued an order for 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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