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NATIONAL COMPANY LAW TRIBUNAL
UMESH KUMAR SHUKLA, MEMBER (TECHNICAL), KISHORE VEMULAPALLI, MEMBER (JUDICIAL)
Priya Trading Company – Appellant
Versus
Veda Biofuel Ltd – Respondent
| Table of Content |
|---|
| 1. background of liquidation and sale process (Para 2) |
| 2. respondent's claims for reliefs (Para 3) |
| 3. court's evaluation of relief requests (Para 4 , 6 , 7 , 8 , 9) |
| 4. judicial reasoning against additional reliefs (Para 10 , 11) |
| 5. final judgment and dismissal of application (Para 12 , 13 , 14) |
ORDER
[PER: BENCH]
The present Interlocutory Application bearing no. IA(IBC)/41/2025 (hereinafter referred to as the “IA”) has been filed on 12.12.2024 (vide Diary No. 1774) by Dr. Kondapalli Venkat Srinivas, Liquidator of M/s. Veda Biofuel Limited (hereinafter referred to as the “Applicant” or “Liquidator”), under section 35 read with section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the “IBC” or the “Code”), read with Regulations 32A, 33, and 42(2) of the IBBI (Liquidation Process) Regulations, 2016 (hereinafter referred to as the “Liquidation Regulations”), and Rule 11 of the National Company Law Tribunal Rules, 2016 (hereinafter referred to as the “NCLT Rules”) with the following prayers:
(i) To allow the instant IA reporting completion of sale of the Corporate Debtor as a going concern in accordance with the provisions of Regulation 33(1
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