# In the matter of Ratandeep Infrastructure Private Limited IA (IB) No. 154-ALD-2022 in CP (IB)No. 45-ALD-2019

> NCLT judgment dated 2022-06-01. Citation: TCN-2022-NCLT-02482. The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 1 Jun 2022
- **Citation:** TCN-2022-NCLT-02482
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ratandeep-infrastructure-private-limited-ia-ib-no-154-ald-2022-in-cp-ibno-45-ald-4e6fcdf5

## Summary

### Background

The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the NCLT Rules, 2016. The applicant sought a direction from the Adjudicating Authority to the Liquidator to consider a scheme proposed by the applicant. The corporate debtor, Ratandeep Infrastructure Private Limited, is undergoing liquidation, and the applicant has expressed interest in submitting a Scheme of Compromise and Arrangement. The Liquidator, however, proceeded with an auction of the assets, leading to the current application seeking a stay on the auction and consideration of the proposed scheme.

## Facts

Nitin Jain & others are the Financial Creditors. Ratandeep Infrastructure Private Limited is the Corporate Debtor. Bankey Bihari Infrahomes Private Limited is the Applicant seeking a direction to the Liquidator, Alok Kumar Kuchhal, to consider a scheme of compromise and arrangement under Regulation 2B of Liquidation Process Regulations, 2016 read with section 230 of Companies Act, 2013. An order initiating liquidation was passed on 2022-01-31. The applicant claims to have submitted an Expression of Interest and sought information from the Liquidator to prepare the scheme, but alleges delays and incomplete information. The Liquidator published an auction notice on 2022-05-19, with the auction scheduled for 2022-06-02. The applicant argues that the auction should be

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should direct the Liquidator to consider the scheme proposed by …

**Ratio:** The principle of maximization of the value of assets during the liquidation process is

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**Reasoning:** The court reasoned that the object of maximization of value of assets can be achieved

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**Interpretation:** This issue involves interpreting the powers and responsibilities of the

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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:** Rajasekha…; Virendra Kumar…
- **Appellants:** Nitin…
- **Respondents:** Ratandeep…; Alok Kumar…
- **Advocates:** Babita…; Snehal S…

## Timeline

- **2022-01-31 — Order of Initiation of…**: The Adjudicating Authority passed an order initiating the liquidation of the corporate…
- **2022-04-13 — Order in IA No.115 of…**: The Adjudicating Authority directed the Liquidator to act in accordance with 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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