# In the matter of Varrsana Ispat Limited

> NCLT judgment dated 2025-07-04. Citation: TCN-2025-NCLT-00836. The case involves an application filed by the Liquidator of Varrsana Ispat Limited, seeking…

- **Court:** NCLT
- **Order date:** 4 Jul 2025
- **Citation:** TCN-2025-NCLT-00836
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/varrsana-ispat-limited-393e6635

## Summary

### Background

The case involves an application filed by the Liquidator of Varrsana Ispat Limited, seeking approval for the sale of the Corporate Debtor as a going concern to Stata Mater Investments Limited, the successful bidder in an e-auction. The Directorate of Enforcement (ED) had attached the Corporate Debtor's assets under the Prevention of Money Laundering Act (PMLA) prior to the initiation of CIRP.

## Facts

CIRP was initiated against Varrsana Ispat Limited on 18.07.2017.

Liquidation proceedings were initiated on 06.08.2019, and Mr. Anil Goel was appointed as the Liquidator.

The Directorate of Enforcement (ED) had attached the Corporate Debtor's assets under the PMLA prior to the initiation of CIRP.

Stata Mater Investments Limited emerged as the highest bidder in an e-auction conducted on 17.03.2023, with a bid amount of Rs. 409.20 crores.

The Liquidator filed an application seeking approval for the sale of the Corporate Debtor as a going concern and directions for transferring the Corporate Debtor free from prior liabilities.

The ED had challenged the Tribunal's order allowing the sale, but the interim stay granted by the High Court had lapsed.

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## Issues and analysis

### Issue 1: Whether the Tribunal can confirm the sale of the Corporate Debtor as a going concern to the …

**Ratio:** Section 32A of the IBC provides a statutory shield to the Corporate Debtor and the assets

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**Reasoning:** The Tribunal reasoned that the objectives of the IBC are to ensure timely resolution or

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**Interpretation:** The Tribunal interpreted Section 32A of the IBC as providing immunity to the

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**Application:** The Tribunal applied Section 32A of the IBC to the facts of the case, noting

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## Parties

- **Judges:** BIDISHA BA…; Cmde Siddharth…
- **Appellants:** SBER…; Anil…
- **Respondents:** Varrsana Ispat…; Stata Mater…
- **Advocates:** Mamta B…; Zoheb Ho…; +9 more

## Timeline

- **2017-07-10 — Provisional Attachment…**: Provisional Attachment Order (PAO) No.…
- **2017-07-18 — CIRP Init…**: Corporate insolvency resolution process (CIRP) was initiated against Varrsana Ispat…

## 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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