Authority: National Company Law Tribunal, Mumbai Bench

Order Date: 15.06.2026

Case Overview

This application was filed by Patodia Properties Private Limited (Applicant), the successful bidder in the e-auction sale of Renaissance Urban Infra Private Limited (Corporate Debtor) as a going concern. The Corporate Debtor underwent Corporate Insolvency Resolution Process (CIRP) initiated on 02.05.2023 following an application by Clearwater Capital Partners Singapore Fund V Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. Liquidation was initiated on 02.08.2024 with Mr. Nitin Om Kothari appointed as Liquidator.

The Applicant participated in the e-auction held on 15.01.2025 and was declared the successful bidder for a total consideration of ₹2,00,00,000 (Two Crores). The Sale Certificate was issued on 08.05.2025. The Applicant sought various reliefs, concessions, waivers, and permissions to ensure smooth functioning of the Corporate Debtor as a going concern.

The Tribunal analyzed 31 specific reliefs sought by the Applicant, applying the principles of going concern sale and the 'clean slate' concept established in the Shantech International case. The Liquidator supported the application, noting that post-sale obligations rest solely with the Applicant as new management.

Final Outcome

The Tribunal partly allowed the application with specific findings on each relief:

  • Granted 'clean slate' principle extinguishing all liabilities up to liquidation commencement date
  • Approved capital reduction and extinguishment of existing shares without payment to shareholders
  • Allowed issuance of 10,000 new equity shares (9,999 to Patodia Properties, 1 to Suyash Sunil Patodia) worth ₹1,00,000
  • Permitted balance consideration of ₹2,01,86,027 to be allocated via various instruments
  • Waived procedural requirements under Companies Act for capital reduction
  • Approved appointment of new directors: Suyash Sunil Patodia (DIN: 09489670) and Vinita Sunil Patodia (DIN: 06360364)
  • Allowed replacement of statutory and internal auditors
  • Granted immunity from criminal offences to the extent permitted under Section 32A of IBC
  • Rejected tax-related reliefs, contractual obligation modifications, and license revival requests
  • Liberty granted to approach concerned authorities for reliefs not granted by the Tribunal

The application was disposed of as partly allowed with no order as to costs.

Topics: Insolvency Resolution, Going Concern Sale, Corporate Restructuring