# In the matter of Tulsi Extrusions Limited

> NCLT judgment dated 2023-12-19. Citation: TCN-2023-NCLT-00167. The Interlocutory Application (IA 1415 of 2022) was filed by Surendra Kumar Bansal under…

- **Court:** NCLT
- **Order date:** 19 Dec 2023
- **Citation:** TCN-2023-NCLT-00167
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tulsi-extrusions-limited-04d09dd6

## Summary

### Background

The Interlocutory Application (IA 1415 of 2022) was filed by Surendra Kumar Bansal under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking certain permissions and approvals related to the e-auction process where the applicant was the successful bidder for the Corporate Debtor, Tulsi Extrusion Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on December 28, 2021, by Punjab National Bank under Section 7 of the IBC. Liquidation was initiated on February 20, 2021, and Amit C Poddar was appointed as the Liquidator. The liquidator opted to sell the Corporate Debtor as a going concern, and the applicant acquired the property through e-auction. The dispute revolves around the electricity dues claimed by

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## Facts

Surendra Kumar Bansal, the Applicant, was the successful bidder in an e-auction for the sale of Tulsi Extrusion Limited, the Corporate Debtor, as a going concern on May 20, 2021. A Letter of Intent was issued on May 21, 2021. The Corporate Insolvency Resolution Process (CIRP) against Tulsi Extrusion Limited was initiated on December 28, 2021, by Punjab National Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016. Liquidation was initiated on February 20, 2021, with Amit C Poddar as the Liquidator. The Liquidator opted to sell the Corporate Debtor as a going concern under Regulation 32(e) of the IBBI (Liquidation process) Regulations, 2016. The Applicant deposited an Earnest Money Deposit of INR 1,90,00,000 on May 18, 2021, and their bid of INR 20,32,00,000

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## Issues and analysis

### Issue 1: Whether the Applicant is liable to pay the electricity arrears of the Corporate Debtor, Tulsi …

**Ratio:** The 'clean slate' theory, as propounded by the Hon'ble Apex Court in Ghanshyam Mishra

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**Reasoning:** The NCLT relied on the Hon'ble NCLAT's decision in M/s. Shiv Shakti Inter Globe Exports

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**Interpretation:** The 'clean slate' theory aims to facilitate the revival of the Corporate Debtor

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**Application:** The NCLT applied the 'clean slate' theory to the facts of the case and held

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## Parties

- **Judges:** Kuldip Kumar…; ANIL RAJ C…
- **Appellants:** Surendra Kumar…
- **Respondents:** Tulsi Extrusion…; MAHARASHTRA STATE…
- **Advocates:** Agam H.…; Palak G…; +1 more

## Timeline

- **2021-05-20 — E-Auction…**: The Applicant was the successful bidder of the E-Auction process conducted for the sale…
- **2021-05-21 — Letter of…**: Letter of Intent was issued in favour…

## 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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