# In the matter of South Indian Mint and Aromatic Products Limited

> NCLT judgment dated 2023-05-31. Citation: TCN-2023-NCLT-03124. The case pertains to the Corporate Insolvency Resolution Process (CIRP) and subsequent…

- **Court:** NCLT
- **Order date:** 31 May 2023
- **Citation:** TCN-2023-NCLT-03124
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/south-indian-mint-and-aromatic-products-limited-6399c3fb

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) and subsequent liquidation of South Indian Mint and Aromatic Products Limited. The CIRP was initiated on 2018-06-04. After no resolution plan was received, the company was ordered into liquidation on 2019-04-10. The liquidator took steps to sell the assets, including e-auctions, which were unsuccessful. A proposal was received from Mr. Jeganeedhi Krishnan R to take over the Corporate Debtor as a going concern. The liquidator filed an application seeking directions for the sale as a going concern, which was allowed by the Tribunal. The proceeds from the sale were distributed to the stakeholders as per Section 53 of the IBC.

## Facts

The Corporate Insolvency Resolution Process (CIRP) for South Indian Mint and Aromatic Products Limited was initiated on 2018-06-04. Mr. Vasudevan Gopu was initially appointed as the Interim Resolution Professional, followed by the appointment of the Applicant as the Resolution Professional on 2018-09-28. No resolution plan was received during the CIRP, leading to an application under Section 33 of the IBC, 2016. The Tribunal ordered the liquidation of the Corporate Debtor on 2019-04-10 and appointed the Applicant as the Liquidator. Public announcements were made, and claims were received from IDBI Bank (financial creditor) and Gangai Earth Movers (operational creditor). The liquidator appointed two registered valuers on 2018-10-30 and determined the liquidation value

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## Issues and analysis

### Issue 1: Whether the liquidation process of the Corporate Debtor should be closed, considering the sale of …

**Ratio:** Regulation 45 of the Insolvency and Bankruptcy Board of India (Liquidation Process)

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**Reasoning:** The Tribunal considered that the Corporate Debtor was sold as a going concern, and the

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**Interpretation:** Regulation 45 provides a clear pathway for closing the liquidation process when

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**Application:** Since South Indian Mint and Aromatic Products Limited was sold as a going

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## Parties

- **Judges:** SANJIV…; SAMEER…
- **Respondents:** South Indian Mint…; Jeganeedhi…

## Timeline

- **2018-06-04 — CIRP Init…**: Corporate Insolvency Resolution Process initiated for South Indian Mint and Aromatic…
- **2018-09-28 — Appointment of…**: The Applicant was appointed as…

## 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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