# In the matter of Sriaranath Logistics Limited

> NCLT judgment dated 2023-09-04. Citation: TCN-2023-NCLT-01776. The case involves the liquidation of Sri Aranath Logistics Limited. The Corporate Debtor was…

- **Court:** NCLT
- **Order date:** 4 Sept 2023
- **Citation:** TCN-2023-NCLT-01776
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sriaranath-logistics-limited-6b211254

## Summary

### Background

The case involves the liquidation of Sri Aranath Logistics Limited. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 08 November 2019. Mr. Soumitra Lahiri was appointed as the Resolution Professional and later as the Liquidator after the commencement of the liquidation process on 22 September 2021. The Interlocutory Applications were filed under section 60 (5) of the Insolvency and Bankruptcy Code, 2016. The liquidator sought approval for the sale of the liquidation estate as a going concern and closure of the liquidation process.

## Facts

Sri Aranath Logistics Limited underwent Corporate Insolvency Resolution Process (CIRP) starting November 8, 2019. Soumitra Lahiri was appointed as the Resolution Professional and later as the Liquidator when liquidation commenced on September 22, 2021. An e-auction was conducted for the sale of the liquidation estate, with Udgam Commercial Limited emerging as the highest bidder at Rs. 12,51,00,000. The Stakeholders Consultation Committee approved the e-auction. Udgam Commercial Limited paid the full amount, including interest, by December 16, 2022. The Liquidator distributed the proceeds according to Section 53 of the Insolvency and Bankruptcy Code (IBC) and issued a Certificate of Sale on December 22, 2022. The Liquidator then filed a final report seeking closure of

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## Issues and analysis

### Issue 1: Whether the sale of the Liquidation estate of Sri Aranath Logistics Limited as a going concern …

**Ratio:** The sale of the liquidation estate as a going concern is permissible under regulation

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**Reasoning:** The court considered the submissions of the liquidator, the e-auction process, and the

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**Interpretation:** Regulation 32(e) allows for the sale of the liquidation estate as a going

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**Application:** The court approved the sale of the liquidation estate to Udgam Commercial

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Respondents:** Aranath Logistics…

## Timeline

- **2019-11-08 — CIRP Commen…**: Corporate Debtor admitted into Corporate…
- **2020-09-20 — Appointment of…**: Mr. Soumitra Lahiri appointed…

## 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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