# In the matter of Varam Bio Energy Pvt. Ltd. IA No.737 of 2021 In C.P (IB)NO.377-7-HDB-2018

> NCLT judgment dated 2022-05-09. Citation: TCN-2022-NCLT-02810. The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 9 May 2022
- **Citation:** TCN-2022-NCLT-02810
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/varam-bio-energy-pvt-ltd-ia-no737-of-2021-in-cp-ibno377-7-hdb-2018-073ccfe6

## Summary

### Background

The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 9 of the IBBI (Liquidation Process) Regulations, 2016, and Rule 11 of the NCLT Rules, 2016, by the Liquidator of Varam Bioenergy Pvt Ltd. The Liquidator was appointed by the Tribunal order dated 08.07.2021. The application seeks directions to the ex-management of the Corporate Debtor (Respondents 1-7, 8, and 9) to provide registers and information necessary for the Liquidator to appear before EPF Authorities. The Corporate Debtor was admitted into CIRP on 18.07.2019, following a petition filed by State Bank of India, and Mr. Udayraj Patwardhan was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Vikas

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## Facts

1. State Bank of India filed a petition under Section 7 of IBC, 2016 against Varam Bio Energy Pvt Ltd.
2. The petition was admitted on 18.07.2019, initiating the Corporate Insolvency Resolution Process (CIRP).
3. M/s Varam Bioenergy Pvt Ltd was the Corporate Debtor.
4. Mr. Udayraj Patwardhan was initially appointed as the Interim Resolution Professional (IRP) and continued as Resolution Professional (RP).
5. Subsequently, Mr. Udayraj Patwardhan was replaced by Mr. Vikas Prakash Gupta as the Resolution Professional (RP).
6. The Applicant filed IA 196/2021 for liquidation of the Corporate Debtor, which was allowed on 08.07.2021, and the Applicant was appointed as the Liquidator.
7. The Liquidator received a notice from the Employees' Provident Fund Organization (EPFO) under

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## Issues and analysis

### Issue 1: Whether the ex-management of the Corporate Debtor i.e. Respondents 1-7 and Respondents 8 & 9 …

**Ratio:** The ratio is based on the statutory obligation of the ex-management and relevant parties

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**Reasoning:** The Tribunal reasoned that the Liquidator had taken appropriate steps to obtain the

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**Interpretation:** The interpretation involves understanding the scope of Section 60(5) of the

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**Application:** The ratio and reasoning are applied to the specific facts of the case by

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## Parties

- **Judges:** Venkata Ramakrishn…; Veera Brahma Rao…
- **Appellants:** State Bank of…
- **Respondents:** Varam Bio Energy…; Mr Lakshman Raju…
- **Advocates:** Manoran…

## Timeline

- **2018-01-01 — CP(IB) F…**: CP (IB) 377/7/HDB/2018…
- **2019-07-18 — Admission in…**: Petition admitted and M/s Varam…

## 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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