# In the matter of The Jeypore Sugar Company Limited IA(IBC)579-CHE-2022 in CP-1307-IB-2018

> NCLT judgment dated 2022-06-03. Citation: TCN-2022-NCLT-04703. The application IA(IBC)579/CHE/2022 in CP/1307/IB/2018 was filed by the Promoters of the…

- **Court:** NCLT
- **Order date:** 3 Jun 2022
- **Citation:** TCN-2022-NCLT-04703
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-ii-che/the-jeypore-sugar-company-limited-iaibc579-che-2022-in-cp-1307-ib-2018-73645038

## Summary

### Background

The application IA(IBC)579/CHE/2022 in CP/1307/IB/2018 was filed by the Promoters of the Corporate Debtor, M/s. The Jeypore Sugar Company Limited, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of NCLT Rules, 2016, seeking interim reliefs.

## Facts

The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016.

The applicants are the Promoters of the Corporate Debtor.

The application seeks to restrain the liquidator from dealing with Rayada lands and selling assets of the corporate debtor.

The applicants allege that the liquidator is selling assets under the guise of scrap and undervaluing them.

The Tribunal directed the Registry to forward a copy of the order to all respondents.

The Tribunal restrained the liquidator from dealing with the assets of the Corporate Debtor until the disposal of the present Application.

The 12th Respondent is also restrained from lifting any kind of machinery or scrap until the disposal of the present Application.

…

## Issues and analysis

### Issue 1: Whether the Liquidator should be restrained from …

**Ratio:** The Tribunal found it fit to pass an interim order restraining the Liquidator from

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**Reasoning:** The application raises serious allegations against the Liquidator, and the Tribunal

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**Interpretation:** The Tribunal has the power to pass interim orders to protect the interests of

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**Application:** The Tribunal's decision to restrain the Liquidator is an application of its

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## Parties

- **Judges:** S. Ramath…; Anil Ku…
- **Appellants:** R.Pra…; P.R. Ramakrishnan…
- **Respondents:** The Jeypore Sugar…; V. Venkata…; +1 more
- **Other parties:** Lakshmi Organic…
- **Advocates:** P. Na…; R. Ka…

## Timeline

- **2022-06-03 — Order Pron…**: Order was pronounced on…
- **2022-06-30 — Final Hearing and…**: Matter listed for final…

## 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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