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NATIONAL COMPANY LAW TRIBUNAL
Anil Raj Chellan, Member (Technical), K. R. Saji Kumar, Member (Judicial)
Rashmi Cement Limited – Appellant
Versus
Sanjay Vijay Jeswani – Respondent
| Table of Content |
|---|
| 1. cirp failed, liquidation initiated, rashmi cement successful bidder. (Para 1 , 2 , 3 , 4) |
| 2. applicant seeks clean slate reliefs akin to resolution plan. (Para 5 , 6 , 7 , 8 , 9) |
| 3. liquidation sale distinct from resolution process, no equivalent reliefs. (Para 11 , 12 , 13 , 14 , 15 , 16) |
| 4. e-auction terms govern liability waiver per shantech precedent. (Para 17) |
| 5. capital restructuring allowed incidental to going concern sale. (Para 19) |
| 6. no clean slate; claims processed under section 53. (Para 20) |
| 7. board reconstitution permitted post-ownership change. (Para 21) |
| 8. handover of assets per as-is-where-is terms. (Para 24) |
| 9. licenses require authority approach, no nclt dispensation. (Para 25) |
| 10. tax waivers beyond nclt jurisdiction. (Para 26) |
| 11. merger scheme requires companies act compliance. (Para 27) |
| 12. section 32a immunity conditional on management change. (Para 33) |
| 13. application partly allowed per tabulated findings. (Para 34 , 35 , 36) |
ORDER
Per: Anil Raj Chellan, Member (Technical)
1. The present Application has been filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (Code) read with Rule 11 of the National Company Law Tribunal Rules, 2016 (NC
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