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THE NATIONAL COMPANY LAW TRIBUNAL
CHANDIGARH BENCH, CHANDIGARH
(Exercising powers of Adjudicating Authority under
the Insolvency and Bankruptcy Code, 2016)
IA No. 1383/2022, 471/2021
550/2021 & 620/2021
in
CP (IB) No. 340/Chd/Pb/2018
(Admitted Matter)
Under Sections 10 & 60(5), IBC, 2016
In the matter of:-
Punjab Basmati Rice Limited
…Petitioner/ Financial Creditor
In the matter of IA No. 471/2021:
Kulwinder Singh Makhni
R/o 15-A, Riose Avenue,
Tehsil & District Amritsar
.....Applicant/ Suspended Director
Versus
Mr, Sanjay Kumar Aggarwal, Liquidator
C/o 14, New Punjab Mata Nagar,
Main Street, Pakholwal Road, Ludhiana
…..Respondent/ Liquidator
And
In the matter of IA No. 550/2021:
Kulwinder Singh Makhni
R/o 15-A, Riose Avenue,
Tehsil & District Amritsar
.....Applicant/ Suspended Director
Versus
Mr, Sanjay Kumar Aggarwal, Liquidator
C/o 14, New Punjab Mata Nagar,
Main Street, Pakholwal Road, Ludhiana
…..Respondent/ Liquidator
And
In the matter of IA No.620/2021:
IA No. 1383/2022, 471/2021
550/2021 & 620/2021
inCP (IB) No. 340/Chd/Pb/2018
(Admitted Matter)
Page 2 of 11
Mr, Sanjay Kumar Aggarwal, Liquidator
C/o 14, New Punjab Mata Nagar,
Main Street, Pakholwal Road, Ludhiana.
....Applicant
Versus
Kulwinder Singh Makhni
R/o 15-A, Riose Avenue,
Tehsil & District Amritsar
…..Respondent
And
In the matter of IA No. 1383/2022:
Kulwinder Singh Makhni
R/o 15-A, Riose Avenue,
Tehsil & District Amritsar
.....Applicant/ Suspended Director
Versus
Mr, Sanjay Kumar Aggarwal, Liquidator
C/o 14, New Punjab Mata Nagar,
Main Street, Pakholwal Road, Ludhiana
…..Respondent/ Liquidator
Order delivered on: 02.02.2023
Coram: HON’BLE MR. HARNAM SINGH THAKUR, MEMBER (JUDICIAL)
HON’BLE MR. SUBRATA KUMAR DASH, MEMBER (TECHNICAL)
Present:
For the Applicant in IA Nos. 471/2021,
:
Ms. Jyoti Sareen, Advocate
550/2021 & 1383/2022 & for respondent
: Ms. Parmeet Kaur, Advocate
In IA No. 620/2021
For the respondent-Liquidator in IA Nos. : Mr. Anand Chibbar, Senior Advocate
471/2021, 550/2021 & 1383/2022 and for : Mr. Vaibhav Sahni, Advocate
The applicant in IA No. 620/2021
:
Mr. Nipun Gautam, Advocate
Per: Subrata Kumar Dash, Member (Technical)
IA No. 1383/2022, 471/2021
550/2021 & 620/2021
inCP (IB) No. 340/Chd/Pb/2018
(Admitted Matter)
Page 3 of 11
ORDER
IA Nos.471/2021 & 1383/2022
As the facts and prayers of IA Nos., 471/2021 and 1383/2022 are overlapping
and
inter-connected,
these
IA’s
are
taken
up
together
for
discussion
and
adjudication.
2.
IA Nos. 471/2021 is filed by Kulwinder Singh Makhni (Suspended Boards of
Director) against Mr Sanjay Kumar Aggarwal, Liquidator of M/s Punjab Basmati Rice
Limited under Section 60(5) of Insolvency and Bankruptcy Code, 2016. IA
No.1383/2022 is also filed by Kulwinder Singh Makhni (Suspended Boards of
Director) against Mr Sanjay Kumar Aggarwal, Liquidator of M/s Punjab Basmati Rice
Limited under Section 60(5) for filing the objections to the valuation report dated
24.11.2021 and 23.11.2021.
3.
Many of the prayers in IA No.471/2021 have become irrelevant due to certain
orders
passed
and
subsequently,
the
same
were
not
pressed
during
the
proceedings. In short, presently the only prayer for adjudication made by the
applicant are (i) to set aside the e-auction sale notice dated 13.08.2021 and the
E-Auction Process Information/Tender document issued by the Liquidator fixing the
sale of the assets of the Corporate Debtor on 02.09.2021 allegedly at a highly
undervalued reserved price without even removing the illegal encroachments from
the land of the Corporate Debtor (ii) to direct the liquidator to fix the reserve price of
the Corporate Debtor in accordance with the provisions of IBBI (Liquidation Process)
Regulations, 2016. In the orders dated 09.11.2022 and 08.07.2021, the prayers for
the conduct of a fresh valuation of land and building and sharing a copy of the
valuation reports were allowed, and other miscellaneous prayers have not been
IA No. 1383/2022, 471/2021
550/2021 & 620/2021
