# In the matter of Ultra Tile Pvt. Ltd.

> NCLT judgment dated 2024-01-30. Citation: TCN-2024-NCLT-02855. The case involves an application before the National Company Law Tribunal (NCLT), Chennai…

- **Court:** NCLT
- **Order date:** 30 Jan 2024
- **Citation:** TCN-2024-NCLT-02855
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ultra-tile-pvt-ltd-b32758b3

## Summary

### Background

The case involves an application before the National Company Law Tribunal (NCLT), Chennai Bench, concerning the transfer/return of funds to the applicant by the Corporate Debtor, which is currently in liquidation. A memo was filed indicating that the funds have not been transferred/returned.

## Facts

The applicant, M/s. Gopalan Enterprises (India) Pvt Ltd, filed an application before the NCLT, Chennai Bench. The Corporate Debtor, Ultra Tiles Pvt Ltd, is in liquidation. A memo was filed indicating that the Corporate Debtor has not transferred/returned funds to the applicant. The application number is IA(IBC)/44(CHE)2023 in IA/558/2021 and the petition number is IBA/1263/2019. The case is being heard under Section 60(5) of the IBC, 2016. The court directed the Respondent/Liquidator to immediately transfer the amount and take necessary steps to move an appropriate application before MIDC. The compliance is to be submitted within 3 weeks from 30-01-2024, specifically by 08-03-2024.

## Issues and analysis

### Issue 1: Whether the Respondent/Liquidator should be …

**Ratio:** The ratio is based on the principle that a liquidator has a duty to transfer/return funds

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**Reasoning:** The court reasoned that the memo filed shows the Corporate Debtor in liquidation has not

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**Interpretation:** This interprets the liquidator's responsibility under the IBC to ensure that

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**Application:** The ratio and reasoning are applied to the specific facts where the Corporate

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## Parties

- **Judges:** Shri. Sanji…; SHRI. RAVICHANDRAN…
- **Appellants:** M/s.Gopalan…
- **Respondents:** Ultra Tiles Pvt…; Insolvency…

## Timeline

- **2024-01-30 — Hearing…**: Hearing held on 30-01-2024 at 01.15…
- **2024-03-08 — Compliance Submission…**: List the application 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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