# In the matter of Anil Life Sciences Limited IA-575-2021 in CP (IB)-81-9-NCLT-AHM-2018

> NCLT judgment dated 2022-06-07. Citation: TCN-2022-NCLT-04681. The case involves an application filed by Mr. Parthiv Parikh, the Liquidator of M/s. Anil Life…

- **Court:** NCLT
- **Order date:** 7 Jun 2022
- **Citation:** TCN-2022-NCLT-04681
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/anil-life-sciences-limited-ia-575-2021-in-cp-ib-81-9-nclt-ahm-2018-6441a56a

## Summary

### Background

The case involves an application filed by Mr. Parthiv Parikh, the Liquidator of M/s. Anil Life Sciences Limited, under Section 54 of the Insolvency and Bankruptcy Code, 2016, seeking an order for the dissolution of the Corporate Debtor.

## Facts

An Operational Creditor, Mr. Ritesh K.V.K Suchak, initiated CIRP against M/s. Anil Life Sciences Limited.

The CIRP was admitted on 12.09.2018, and Mr. Parthiv Parikh was appointed as Interim Resolution Professional.

The CoC decided to close the CIRP process due to the lack of key managerial personnel and the plant being inoperative.

The CoC instructed the resolution professional to file for liquidation.

Mr. Parthiv Parikh was appointed as liquidator on 02.08.2019.

The liquidator filed an application for extension of the liquidation period, which was allowed.

The Income Tax Department filed a reply indicating outstanding demands.

The liquidator filed a final report and compliance certificate.

…

## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, M/s. Anil Life Science Limited, …

**Ratio:** Section 54(2) of the IB Code allows for the

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**Reasoning:** The CoC decided to close the CIRP process and initiate liquidation. The liquidator filed

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**Interpretation:** The Adjudicating Authority interpreted Section 54(2) to allow for the

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**Application:** The Adjudicating Authority applied Section 54(2) and ordered the dissolution of

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## Parties

- **Judges:** DEEPTI M…; Ajai Das Me…
- **Appellants:** Parthiv P…; Ritesh K.V.K…
- **Respondents:** Anil Life…; Cooperative…

## Timeline

- **2018-09-12 — CIRP Admi…**: CIRP was admitted, and Mr. Parthiv Parikh was appointed as Interim Resolution…
- **2018-10-30 — 1st CoC M…**: 1st meeting of the committee of creditors was held, wherein Mr. Parthiv Parikh was…

## 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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