# In the matter of Sri Lakshminarasimha Oil Mills Pvt. Ltd.

> NCLT judgment dated 2024-04-18. Citation: TCN-2024-NCLT-01688. The case pertains to IA (IBC)/452/2024 filed in CP (IB) No.532/7/HDB/2019, seeking closure of…

- **Court:** NCLT
- **Order date:** 18 Apr 2024
- **Citation:** TCN-2024-NCLT-01688
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sri-lakshminarasimha-oil-mills-pvt-ltd-34705de8

## Summary

### Background

The case pertains to IA (IBC)/452/2024 filed in CP (IB) No.532/7/HDB/2019, seeking closure of the liquidation process of the Corporate Debtor (CD), Sri Lakshminarasimha Oil Mills Pvt Ltd, on account of successful sale as a going concern. The CD was admitted into Corporate Insolvency Resolution Process (CIRP) on 13.11.2019. Since no viable resolution plan was received, the Tribunal ordered liquidation on 13.05.2021. The Liquidator made a public announcement on 08.06.2021, inviting claims from creditors and constituted a Stakeholders Consultation Committee (SCC). The Liquidator appointed valuers for valuation of CD's assets.

## Facts

The Corporate Debtor, Sri Lakshminarasimha Oil Mills Pvt Ltd, was admitted into CIRP on 13.11.2019 due to a petition filed under Section 7 of IBC, 2016. Indian Overseas Bank is the Financial Creditor. Since no resolution plan was approved, liquidation was ordered on 13.05.2021. The Liquidator made a public announcement and constituted a Stakeholders Consultation Committee (SCC). The Liquidator appointed valuers who submitted their reports. Mrs. Chittimalla Revathi was declared the Successful Bidder in an E-Auction on 20.10.2021 for Rs. 1200 lakhs and paid the amount on 04.01.2024. The Liquidator distributed the amount as per Section 53 of the Code and handed over possession of the assets with a Sale Certificate dated 04.01.2024. The Financial Creditor released their

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## Issues and analysis

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

**Ratio:** Regulation 45(3)(a) of the IBBI (Liquidation Process) Regulations, 2016, allows for the

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**Reasoning:** The Tribunal perused the Final Report submitted by the Liquidator and found that the

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**Interpretation:** Regulation 45(3)(a) provides a specific condition under which the liquidation

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**Application:** In this case, the Liquidator successfully sold Sri Lakshminarasimha Oil Mills

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Indian Overseas…
- **Respondents:** Lakshminarasimha…; Lakhshminarasimha…

## Timeline

- **2019-11-13 — Admission in…**: Sri Lakshminarasimha Oil Mills Pvt Ltd admitted into Corporate Insolvency Resolution…
- **2021-05-13 — Liquidation…**: Tribunal ordered liquidation…

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