# In the matter of Phoenix ARC Pvt. Ltd. vs. Kuldeep Verma

> NCLT judgment dated 2025-03-20. Citation: TCN-2025-NCLT-01046. Phoenix ARC Pvt. Ltd. filed an appeal challenging the order dated 16.02.2024 passed by the…

- **Court:** NCLT
- **Order date:** 20 Mar 2025
- **Citation:** TCN-2025-NCLT-01046
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/phoenix-arc-pvt-ltd-vs-kuldeep-verma-9d158dc4

## Summary

### Background

Phoenix ARC Pvt. Ltd. filed an appeal challenging the order dated 16.02.2024 passed by the National Company Law Tribunal, Indore Special Bench, Court No.1 in MA/3 (MP) of 2023, which rejected MA No.3(MP) of 2023 filed by the Appellant objecting to the decision of the Liquidator to include the Haldia property in the Liquidation Estate.

## Facts

The liquidation process against KS Oils Ltd. commenced on 16.03.2021.

Phoenix ARC Pvt. Ltd. filed a claim in Form-B on 14.04.2021 for Rs.793,45,16,428/- and claimed security interest in the Haldia property.

The Appellant did not relinquish its security interest for "Haldia Unit" in Form-D.

The NCLT directed the Liquidator to proceed with liquidation on 06.01.2023 after a scheme was not approved.

The Liquidator communicated to the Appellant on 14.07.2023 that Haldia Unit had become part of the Liquidation Estate.

The Adjudicating Authority rejected MA No.03 of 2023 on 16.02.2024, leading to this appeal.

Halder Venture Limited was declared the successful bidder in the Stakeholder Consultation Committee (SCC) meeting held on 03.02.2024.

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## Issues and analysis

### Issue 1: Whether the Appellant failed to comply with Regulation 21A of the IBBI (Liquidation Process) …

**Ratio:** Regulation 21A(2) states that where a secured creditor proceeds to realize its security

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**Reasoning:** The Appellant did not intimate its decision within thirty days from the liquidation

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**Interpretation:** The NCLAT interpreted Regulation 21A(2) to mean that the secured creditor has a

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**Application:** The NCLAT applied this interpretation to the facts, finding that the

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Phoenix ARC Pvt.…; Halder Venture…
- **Respondents:** K. S. Oil…; Kuldeep…; +1 more
- **Other parties:** State Bank of…; IDBI Bank L…; +6 more
- **Advocates:** Amit Singh…; Suresh Dutt…; +10 more

## Timeline

- **2024-02-16 — Order Da…**: Order dated 16.02.2024 passed by the Adjudicating Authority (National Company Law…
- **2021-03-16 — Liquidation Commencement…**: Liquidation process against the Corporate Debtor commenced vide order dated 16.03.2021…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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