# In the matter of Sunil Hitech Engineers Limited

> NCLT judgment dated 2023-11-01. Citation: TCN-2023-NCLT-00916. This is an application (IA 1877/2022) filed by Dhanestha Steels, through its proprietor Dinesh…

- **Court:** NCLT
- **Order date:** 1 Nov 2023
- **Citation:** TCN-2023-NCLT-00916
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sunil-hitech-engineers-limited-6e8ca505

## Summary

### Background

This is an application (IA 1877/2022) filed by Dhanestha Steels, through its proprietor Dinesh Yadav, in the matter of Sunil Hitech Engineers India Limited (in liquidation). The application seeks direction to the Liquidator, Avil Menezes, in the Corporate Insolvency Resolution Process (CIRP). The applicant seeks an injunction for stay in the e-auction process scheduled for July 14, 2022, pending the revocation of cancellation of sale to the applicant. The applicant also seeks to quash the E-auction notice dated June 13, 2022, and handover the assets, specifically mechanical items and inventory/scrap items in Karanpura, Jharkhand, which were allegedly already sold to the applicant as per auction notices dated November 28, 2022, and February 22, 2022. The Tribunal had

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## Facts

Dhanestha Steels, through its proprietor Dinesh Yadav, filed an application (IA 1877/2022) in the matter of Sunil Hitech Engineers India Limited (in liquidation). The Corporate Debtor was under liquidation, ordered on June 25, 2019. The Liquidator, Avil Menezes, published auction notices for the sale of assets. Dhanestha Steels participated in the e-auction and was declared the highest bidder for 'Mechanical Items' in Auction Nos. 217683 and 223488. Dhanestha Steels made the balance consideration for the sale. The Liquidator failed to provide the exit gate pass, preventing Dhanestha Steels from collecting and transporting the items from the Karanpura, Jharkhand site. The Liquidator then sought to cancel the sale via email dated 27.5.2022 and published a new E-Auction

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## Issues and analysis

### Issue 1: Whether the sale to the applicant was confirmed in terms of the conditions contained under the …

**Ratio:** The Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016,

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**Reasoning:** The court found that the applicant was declared the successful bidder and claimed to have

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**Interpretation:** The regulations and the Process Memorandum outline the conditions for the

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**Application:** The court applied the regulations and the Process Memorandum to the facts,

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## Parties

- **Judges:** Prabhat…; V.G. B…
- **Appellants:** Dhanestha…
- **Respondents:** Sunil Hitech…; Avil Me…

## Timeline

- **2019-06-25 — Liquidation…**: Tribunal passed an order of…
- **2020-11-28 — Auction N…**: Respondent published Auction Notice for…

## 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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