# In the matter of Varron Aukokast Limited

> NCLT judgment dated 2023-07-21. Citation: TCN-2023-NCLT-05269. The case involves an application filed by Prakash Traders seeking reliefs and concessions…

- **Court:** NCLT
- **Order date:** 21 Jul 2023
- **Citation:** TCN-2023-NCLT-05269
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/varron-aukokast-limited-c679970b

## Summary

### Background

The case involves an application filed by Prakash Traders seeking reliefs and concessions related to the sale of Varron Autokast Limited (Corporate Debtor) in liquidation as a going concern.

## Facts

Prakash Traders filed an application seeking reliefs and concessions related to the sale of Varron Autokast Limited in liquidation.

Varron Autokast Limited was undergoing liquidation proceedings after CIRP was initiated against it.

Avil Menezes was appointed as the Liquidator of Varron Autokast Limited.

Prakash Traders emerged as the successful bidder in an e-auction for the Corporate Debtor with a bid of Rs. 121,00,00,000/-.

The Applicant seeks reliefs and concessions for the effective acquisition of the Corporate Debtor on a 'fresh slate' basis.

The Respondent, as the Liquidator, stated that they can neither object to nor consent to the reliefs sought.

The Tribunal granted certain reliefs pertaining to the period prior to the Transfer Date.

## Issues and analysis

### Issue 1: Whether the Tribunal can grant reliefs and concessions to the Applicant for the acquisition of the …

**Ratio:** The Tribunal can grant reliefs and concessions to facilitate the acquisition of the

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**Reasoning:** The Tribunal considered the arguments and documents presented by both parties and relied

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**Interpretation:** The Tribunal interpreted the provisions of the Insolvency and Bankruptcy Code,

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**Application:** The Tribunal applied the principles of law to the facts of the case and granted

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## Parties

- **Judges:** Shyam Babu…; Kuldip Kumar…
- **Appellants:** Prakash T…
- **Respondents:** Varron Aukokast…; Avil Menezes,…
- **Other parties:** Indian Overseas…; Avil Me…
- **Advocates:** Shyam Ka…; Himanshu V…; +2 more

## Timeline

- **2019-12-13 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor…
- **2020-01-17 — Appointment…**: The Respondent was appointed as the Resolution Professional (RP) of the Corporate Debtor…

## 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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