# In the matter of RTIL Limited

> NCLT judgment dated 2023-12-22. Citation: TCN-2023-NCLT-00043. The application was filed by the Liquidator of RTIL Limited, seeking direction to dispense with…

- **Court:** NCLT
- **Order date:** 22 Dec 2023
- **Citation:** TCN-2023-NCLT-00043
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rtil-limited-a899355c

## Summary

### Background

The application was filed by the Liquidator of RTIL Limited, seeking direction to dispense with the requirement of filing progress reports under Regulation 15 of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, as the liquidation process was over. The Corporate Insolvency Resolution Process was initiated against the Corporate Debtor on 2018-04-10. Since no resolution plan was received during the CIRP, the Committee of Creditors resolved to initiate the liquidation process. The liquidation order was passed by the tribunal on 2019-02-05. The Stakeholders Consultation Committee also unanimously approved the sale of current assets. The dissolution application was filed before the Tribunal on 2021-06-02 enclosing the final report.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against RTIL Limited on 2018-04-10. Venkatesan Sankarnarayanan was appointed as Interim Resolution Professional and subsequently as Resolution Professional. Since no resolution plan was received during the CIRP, the Committee of Creditors resolved to initiate the liquidation process under s.33(1)(a) of the Code. The liquidation order was passed on 2019-02-05. The Stakeholders Consultation Committee unanimously approved the sale of current assets. The assets were sold to the highest bidder, M/s. RNT Distributors Private Limited, and the Applicant passed an order dated 2020-10-09. All assets of the Corporate Debtor have been liquidated. The dissolution application was filed on 2021-06-02. Finquest Financial

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## Issues and analysis

### Issue 1: Whether the Liquidator should be dispensed from filing further progress reports as required under …

**Ratio:** Regulation 15 of the Insolvency and Bankruptcy Board of India (Liquidation Process)

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**Reasoning:** The Tribunal reasoned that the purpose of filing liquidation progress reports is to

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**Interpretation:** Regulation 15 is interpreted as a mandatory requirement to ensure oversight of

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**Application:** In this specific case, the applicant sought to dispense with filing further

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## Parties

- **Judges:** Charanjeet Singh…; Smt Lakshmi…
- **Appellants:** Ravi Sankar…
- **Respondents:** RTIL Li…
- **Advocates:** Rohan K…; Pradeep…

## Timeline

- **2018-04-10 — CIRP Init…**: Corporate Insolvency Resolution Process was…
- **2019-02-05 — Liquidation…**: Liquidation order was…

## 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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