# 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-02488. The case involves an application filed by the applicant seeking a direction from the…

- **Court:** NCLT
- **Order date:** 1 Jun 2022
- **Citation:** TCN-2022-NCLT-02488
- **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-c47f09e1

## Summary

### Background

The case involves an application filed by the applicant seeking a direction from the Adjudicating Authority to the Liquidator to consider a scheme proposed by the applicant. The order for initiation of liquidation of the corporate debtor was passed on 2022-01-31. The applicant had submitted an Expression of Interest with the Liquidator to submit a Scheme of Compromise and Arrangement under Regulation 2B of Liquidation Process Regulations, 2016, read with Section 230 of the Companies Act, 2013. However, the Liquidator unilaterally decided to auction the assets and dissolve the corporate debtor, despite the fact that the corporate debtor was a going concern. IA No.115 of 2022 was filed and disposed of on 2022-04-13, directing the Liquidator to act according to the

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## Facts

The applicant sought a direction from the Adjudicating Authority for the Liquidator to consider a proposed scheme. The liquidation of Ratandeep Infrastructure Private Limited was initiated on 2022-01-31. The applicant submitted an Expression of Interest to propose a Scheme of Compromise and Arrangement. The Liquidator decided to auction assets despite the corporate debtor being a going concern. The applicant claims the Liquidator failed to provide necessary information for scheme preparation, delaying the process. The applicant provided a confidentiality undertaking on 2022-04-23, but information was delayed until 2022-04-29. The applicant alleges the stakeholder list was incorrect and the Liquidator blamed the applicant for delays. An auction notice was published on

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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 object of maximization of value of assets can be achieved during the liquidation

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**Reasoning:** The Adjudicating Authority found no merit to intervene at this stage, as the maximization

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**Interpretation:** The court interprets that the liquidation process itself is designed to

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**Application:** The court applied this reasoning to the specific facts by determining that the

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## Parties

- **Judges:** Rajasekha…; Virendra Kumar…
- **Appellants:** Nitin Jain &…
- **Respondents:** Ratandeep…; Alok Kumar…

## Timeline

- **2022-01-31 — Initiation of…**: Order for initiation of liquidation of the corporate debtor was passed by the…
- **2022-04-13 — Order on IA No.115 of…**: IA No.115 of 2022 was disposed of, directing 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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