# In the matter of S R Foils And Tissue Ltd. IA-5373-2022 in CP (IB) – 144(PB)-2017

> NCLT judgment dated 2023-03-02. Citation: TCN-2023-NCLT-04385. The case involves an application (IA-5373/2022) filed by Anil Kohli, the liquidator of S.R.…

- **Court:** NCLT
- **Order date:** 2 Mar 2023
- **Citation:** TCN-2023-NCLT-04385
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/s-r-foils-and-tissue-ltd-ia-5373-2022-in-cp-ib-144pb-2017-7a9ecf14

## Summary

### Background

The case involves an application (IA-5373/2022) filed by Anil Kohli, the liquidator of S.R. Foils & Tissue Ltd., before the National Company Law Tribunal (NCLT), Principal Bench, New Delhi, under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 37A of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The application seeks approval for the assignment of rights and interests related to a plot of land (approximately 57,935 sqm) located in Rajasthan, including buildings, plant, machinery, and litigation rights, to M/s Kalptaru Resolutions Pvt Ltd, the successful bidder in an e-auction. The corporate insolvency resolution process (CIRP) was initiated against S. R. Foils & Tissue Ltd. by ICICI

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## Facts

ICICI Bank Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against S.R. Foils & Tissue Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC), which was admitted by the Adjudicating Authority on 07.08.2017. The Corporate Debtor, S.R. Foils & Tissue Ltd., was incorporated on 21.07.1997. The liquidator, Anil Kohli, was appointed after the company went into liquidation. The Corporate Debtor was allotted plots SP-26(A) and SP-26(A-1) in Industrial Area Sotanala, Tehsil Behror, Distt. Alwar, Rajasthan by RIICO (Rajasthan State Industrial Development & Investment Corporation Ltd) via letters dated 11.08.2005, and lease deeds were executed on 20.07.2005 and 22.08.2005 for 99 years. The possession of the plots was handed over to the

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## Issues and analysis

### Issue 1: Whether the application filed by the liquidator for assignment of rights and interests regarding …

**Ratio:** Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 37A of

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**Reasoning:** The Adjudicating Authority considered the submissions made by the applicant (liquidator)

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**Interpretation:** Section 60(5) grants the NCLT jurisdiction to entertain any application or

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**Application:** Based on the submissions and the agreement that the dues to RIICO would be

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** ICICI Ban…
- **Respondents:** S.R. Foils &…

## Timeline

- **2017-08-07 — Admission of CIRP…**: The Adjudicating Authority admitted the company application filed by ICICI Bank Ltd.…
- **1997-07-21 — Incorporation of…**: S.R. Foils & Tissue…

## 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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