# In the matter of Vimal Oil & Foods Limited

> NCLT judgment dated 2024-10-07. Citation: TCN-2024-NCLT-00478. The case involves an application (IA/471(AHM)2022) filed in connection with the corporate…

- **Court:** NCLT
- **Order date:** 7 Oct 2024
- **Citation:** TCN-2024-NCLT-00478
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vimal-oil-foods-limited-4f68ddaf

## Summary

### Background

The case involves an application (IA/471(AHM)2022) filed in connection with the corporate insolvency resolution process (CIRP) of Vimal Oil & Foods Limited, initiated under CP(IB) 135 of 2017. The applicant, Arrihum Tradelink Private Limited, was the successful purchaser of the corporate debtor in liquidation. The corporate debtor was admitted into CIRP on 19.02.2017, and liquidation was approved on 19.12.2019 due to the absence of a resolution plan. The liquidator published a sale notice on 02.11.2020, and an e-auction was conducted on 01.12.2020, where Arrihum Tradelink emerged as the highest bidder. A sale agreement was executed on 03.03.2021. The applicant sought various reliefs and concessions to continue the corporate debtor as a going concern, referring to

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## Facts

Arrihum Tradelink Private Limited (the applicant) was the successful purchaser of Vimal Oil & Foods Limited (the corporate debtor) in liquidation. The corporate debtor was admitted into CIRP on 19.02.2017, and liquidation was approved on 19.12.2019 due to the absence of a resolution plan. The liquidator published a sale notice on 02.11.2020, and an e-auction was conducted on 01.12.2020, where Arrihum Tradelink emerged as the highest bidder with a bid of Rs.69.70 crores. A sale agreement was executed on 03.03.2021. The applicant sought various reliefs and concessions to continue the corporate debtor as a going concern, including directions to classify deposited amounts, extinguish existing shares, restore listing rights, and extinguish liabilities. SEBI responded,

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## Issues and analysis

### Issue 1: Whether the applicant is entitled to the reliefs and concessions sought to continue the corporate …

**Ratio:** The principle of 'as is where is, whatever there is basis and without recourse basis'

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**Reasoning:** The tribunal observed that the applicant had not sought any concessions or further

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**Interpretation:** The court interpreted that the sale of the entity as a going concern or as

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**Application:** The tribunal applied the principle to the facts by noting that the sale was not

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Arrihum Tradelink…
- **Respondents:** Vimal Oil and…; Manoj Khattar…

## Timeline

- **2017-02-19 — CIRP Init…**: Corporate debtor…
- **2019-12-19 — Liquidation…**: Liquidation approved due to the…

## 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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