# In the matter of Gopinath Dairy Products Pvt. Ltd.

> NCLT judgment dated 2025-10-06. Citation: TCN-2025-NCLT-01519. The case involves an application under Section 60(5) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 6 Oct 2025
- **Citation:** TCN-2025-NCLT-01519
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/gopinath-dairy-products-pvt-ltd-1a103c28

## Summary

### Background

The case involves an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016, seeking reliefs related to an e-auction of the Corporate Debtor, Gopinath Dairy Products Pvt. Ltd.

## Facts

The Tribunal initiated Corporate Insolvency Resolution Process (CIRP) of Gopinath Dairy Products Pvt. Ltd. on 09.02.2023.

Liquidation Process of the Corporate Debtor was initiated on 25.06.2024, and Mr. Lalit Kumar Dangi was appointed as the Liquidator.

The Respondent/Liquidator published e-auction notices for the sale of the Corporate Debtor as a going concern on 09.08.2024 and 12.09.2024.

The Applicant submitted an Expression of Interest (EOI) and participated in the e-auction conducted on 07.10.2024, being declared the successful bidder with a bid of Rs. 15,78,87,114/-.

The Respondent issued a letter of intent (LOI) requiring the Applicant to make the balance payment of Rs. 14,21,08,403/- on or before 05.11.2024.

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## Issues and analysis

### Issue 1: Whether the Liquidator or the Stakeholders Consultation Committee (SCC) has the authority to extend …

**Ratio:** Rule 12 of Schedule 1 of the IBBI (Liquidation Process) Regulations, 2016, does not grant

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**Reasoning:** Rule 12 stipulates that the highest bidder shall be called upon to provide the balance

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**Interpretation:** The rule is mandatory, and the Liquidator is not vested with any inherent

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**Application:** In this case, the Liquidator correctly followed the regulations by cancelling

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## Parties

- **Judges:** ANIL RAJ C…; K. R. SAJI…
- **Appellants:** Vikram S…
- **Respondents:** Gopinath Dairy…; Lalit Kumar…
- **Other parties:** State Bank of…
- **Advocates:** Rohan Ag…; Meghnesh Bi…; +4 more

## Timeline

- **2023-02-09 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) of Gopinath Dairy Products Pvt. Ltd. was…
- **2024-06-25 — Liquidation Process…**: Liquidation Process of the Corporate Debtor was initiated, and Mr. Lalit Kumar Dangi was…

## 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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