# In the matter of Sree Shanmuga Modern Rice Mills Pvt. Ltd.

> NCLT judgment dated 2024-04-24. Citation: TCN-2024-NCLT-01610. The case pertains to I.A No. 45 of 2024 in CP (IB) No.69/BB/2022 filed under Regulation 30 of…

- **Court:** NCLT
- **Order date:** 24 Apr 2024
- **Citation:** TCN-2024-NCLT-01610
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sree-shanmuga-modern-rice-mills-pvt-ltd-4443535c

## Summary

### Background

The case pertains to I.A No. 45 of 2024 in CP (IB) No.69/BB/2022 filed under Regulation 30 of IBBI(IRPCP) Regulations, 2016 R/w. Sections 60 (5) of IBC, 2016. The application was filed by the Interim Resolution Professional (IRP), Shri Kanekal Chandrashekhar, seeking a direction to the Station House Officer, Bangarpet Police Station, to assist in taking possession of the Schedule Property owned by the Corporate Debtor, Shree Shanmuga Modern Rice Mills Pvt Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following an application filed by Canara Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016. Prior to the CIRP, the State of Karnataka had attached the assets of the Corporate Debtor under the Karnataka

…

## Facts

The Corporate Debtor, Shree Shanmuga Modern Rice Mills Pvt Ltd, is undergoing Corporate Insolvency Resolution Process (CIRP) initiated by Canara Bank. The Interim Resolution Professional (IRP), Shri Kanekal Chandrashekhar, was appointed. The primary asset of the Corporate Debtor is the Schedule Property, which includes a parboiled unit consisting of land and buildings located in Desihalli, Kasaba Hobli, K.G.F Road, Bangarpet. The property is described in detail with survey numbers and measurements. Prior to the CIRP, the State of Karnataka had attached the assets under the Karnataka Protection of Interest of Depositors in Financial Establishments Act, 2005 (KPID). The Corporate Debtor's directors had filed a writ petition before the High Court of Karnataka, which

…

## Issues and analysis

### Issue 1: Whether the Station House Officer, Bangarpet Police Station, should be directed to assist the RP in …

**Ratio:** The IRP is required to take control and custody of any asset over which the Corporate

…

**Reasoning:** The court considered that the Schedule Properties are the only properties of the

…

**Interpretation:** The interpretation of Section 18(f) of the IBC emphasizes the IRP's duty to

…

**Application:** The ratio and reasoning are applied to the specific facts of the case, where

…

## Parties

- **Judges:** K. Bi…; Manoj Kumar…
- **Appellants:** Kanekal Chandrasek…
- **Respondents:** Sree Shanmuga…

## Timeline

- **2022-04-27 — Application filed under…**: Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code,…
- **2023-03-17 — CIRP init…**: The Tribunal initiated Corporate Insolvency Resolution Process against the Corporate…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sree-shanmuga-modern-rice-mills-pvt-ltd-4443535c