# 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-02510. 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-02510
- **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-fca572a2

## 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 applicant, Bankey Bihari Infrahomes Private Limited, had submitted an Expression of Interest with the Liquidator regarding 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 proceeded to auction the assets and dissolve the corporate debtor, Ratandeep Infrastructure Private Limited, despite the applicant's proposal.

## 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. An order for initiation of liquidation of the corporate debtor was passed on 2022-01-31. The applicant submitted an Expression of Interest to propose a scheme under Regulation 2B of Liquidation Process Regulations, 2016, read with Section 230 of the Companies Act, 2013. The Liquidator unilaterally decided to auction the assets. IA No.115 of 2022 was disposed of on 2022-04-13, directing the Liquidator to act according to Liquidation Process Regulations, 2016, and consider the proposed

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should intervene to stay the auction process initiated by the …

**Ratio:** The principle of maximizing the value of the corporate debtor's assets during the

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**Reasoning:** The Adjudicating Authority reasoned that the object of maximization of value of assets

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**Interpretation:** This indicates a preference for allowing the liquidation process to proceed,

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**Application:** The court applied this principle by allowing the auction to proceed, while

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## Parties

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

## Timeline

- **2019-01-01 — CP (IB)No.45/…**: The original Corporate Insolvency…
- **2022-01-31 — Liquidation…**: Order of initiation of liquidation of the corporate debtor was passed by the Adjudicating…

## 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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