# In the matter of Topsgrup Services and Solutions Limited

> NCLT judgment dated 2024-11-21. Citation: TCN-2024-NCLT-00184. The case involves an application (I.A. No. 929 of 2024) filed by Mr. Ravikant Modi, a…

- **Court:** NCLT
- **Order date:** 21 Nov 2024
- **Citation:** TCN-2024-NCLT-00184
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/topsgrup-services-and-solutions-limited-a231b3d9

## Summary

### Background

The case involves an application (I.A. No. 929 of 2024) filed by Mr. Ravikant Modi, a successful bidder for the assets of Topsgrup Services and Solutions Limited (Corporate Debtor), seeking directions against Mr. Anshul Gupta, the liquidator. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor under Section 7 of the Insolvency and Bankruptcy Code, 2016, and Mr. Rajendra Karanmal Bhuta was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Anshul Gupta was appointed as the liquidator after the absence of an approved resolution plan. The liquidator then published an e-auction sale notice, and Mr. Ravikant Modi emerged as the successful bidder.

## Facts

The Company Petition No. 1088 of 2020 was filed to initiate the Corporate Insolvency Resolution Process (CIRP) against Topsgrup Services and Solutions Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was admitted to CIRP on 19.02.2021, and Mr. Rajendra Karanmal Bhuta was appointed as the IRP. A public announcement was made on February 23, 2021, inviting creditors to submit their claims by March 10, 2021. During the first CoC meeting on 05.04.2021, the IRP's authorization had expired, leading to the nomination of a new RP. On 15.05.2021, the CoC approved Mr. Anshul Gupta as the new RP, confirmed by the tribunal on 27.07.2021. In the absence of an approved Resolution Plan, Mr. Anshul Gupta filed an application under section 33 of

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## Issues and analysis

### Issue 1: Whether the Applicant should be confirmed as the 'Successful Bidder' for the assets of the …

**Ratio:** Regulation 32 of the Liquidation Process Regulations provides for the realization of

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**Reasoning:** The Tribunal found that the Applicant duly adhered to the procedural requirements laid

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**Interpretation:** The 'going concern' sale allows the Corporate Debtor to continue its

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**Application:** The Tribunal confirmed the Applicant as the 'Successful Bidder' for the assets

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Ravikant…
- **Respondents:** Topsgrup Services…; Anshul…

## Timeline

- **2020-01-01 — Company Petiti…**: Company Petition No. 1088 of 2020 was filed to initiate CIRP against Topsgrup Services…
- **2021-02-19 — CIRP Admi…**: Corporate Debtor admitted to CIRP; Mr.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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