# In the matter of S K P Steel Industries Private Limited

> NCLT judgment dated 2023-07-25. Citation: TCN-2023-NCLT-02364. The liquidator filed an IA seeking approval from the Adjudicating Authority for the sale of the…

- **Court:** NCLT
- **Order date:** 25 Jul 2023
- **Citation:** TCN-2023-NCLT-02364
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/s-k-p-steel-industries-private-limited-abcbf7ed

## Summary

### Background

The liquidator filed an IA seeking approval from the Adjudicating Authority for the sale of the liquidation estate of SKP Steel Industries Private Limited as a going concern through an e-auction. The applicant stated that they had successfully managed the e-auction. The primary relief sought was the approval of the sale of the liquidation estate on an 'AS IS, WHERE IS, WHATEVER THERE IS AND WITHOUT RECOURSE BASIS' as a going concern. The applicant also sought waivers and concessions as a consequence of the sale.

## Facts

Darkwell Merchandise Private Limited is the Operational Creditor. SKP Steel Industries Private Limited is the Corporate Debtor, which is undergoing liquidation. Soumitra Lahiri is the Liquidator of SKP Steel Industries Private Limited and is seeking approval from the Adjudicating Authority for the sale of the liquidation estate of the Corporate Debtor as a going concern through an e-auction. The liquidator is seeking various waivers and concessions as part of the sale, including the transfer of the liquidation estate with a clean slate, the continuation of existing licenses and approvals, and the extinguishment of pre-liquidation claims. Balmukund Cement & Roofing Pvt. Ltd. is the successful purchaser. The Adjudicating Authority is considering the extent to which

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can approve the sale of the liquidation estate of SKP Steel …

**Ratio:** The Adjudicating Authority has the power to grant reliefs, waivers, and concessions only

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**Reasoning:** The Adjudicating Authority stated that it cannot grant a carte blanche for all the

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**Interpretation:** The 'AS IS, WHERE IS, WHATEVER THERE IS AND WITHOUT RECOURSE BASIS' clause

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**Application:** The Adjudicating Authority can approve the sale as a going concern but cannot

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## Parties

- **Judges:** RohitKa…; Balraj…
- **Appellants:** Darkwell Merchandi…
- **Respondents:** SKP Steel…

## Timeline

- **2023-07-25 — Order Pronou…**: The 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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