# In the matter of RTIL Limited

> NCLT judgment dated 2023-12-22. Citation: TCN-2023-NCLT-00063. The application was filed by Ravi Sankar Devarakonda, the liquidator of RTIL Limited, seeking…

- **Court:** NCLT
- **Order date:** 22 Dec 2023
- **Citation:** TCN-2023-NCLT-00063
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rtil-limited-b2db581f

## Summary

### Background

The application was filed by Ravi Sankar Devarakonda, the liquidator of RTIL Limited, seeking direction to dispense with the requirement of filing progress reports under Regulation 15 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, as the liquidation process was purportedly over. 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 (CoC) resolved to initiate the liquidation process. A liquidation order was passed on 2019-02-05. The applicant was appointed as liquidator. The

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## 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. No resolution plan was received during the CIRP, leading the Committee of Creditors (CoC) to initiate the liquidation process under s.33(1)(a) of the Code. A liquidation order was passed on 2019-02-05, and the applicant, Ravi Sankar Devarakonda, was appointed as liquidator. The Stakeholders Consultation Committee approved the sale of current assets. The dissolution application was filed on 2021-06-02, enclosing the final report and Form H. The applicant also filed progress reports for the quarters ended 2022-09-30 and 2022-12-31. Finquest Financial

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## Issues and analysis

### Issue 1: Whether the liquidator should be dispensed from filing further progress reports as per Regulation …

**Ratio:** Regulation 15 of the Liquidation Regulations mandates the filing of progress reports to

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

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

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**Application:** The court applied the ratio to the facts by noting that the applicant sought to

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## Parties

- **Judges:** Charanjeet Singh…; LAKSHMI G…
- **Appellants:** Ravi Sankar…
- **Respondents:** RTIL Li…

## Timeline

- **2018-04-10 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **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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