# In the matter of Advance Multisystem Broadband Communications Limited

> NCLT judgment dated 20 Nov 2023. Citation: TCN-2023-NCLT-00717. The application IA(IBC)/777(KB)2022 was filed by the Resolution Professional (RP) of Advance…

- **Court:** NCLT
- **Order date:** 20 Nov 2023
- **Citation:** TCN-2023-NCLT-00717
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/advance-multisystem-broadband-communications-limited-49127c34

## Summary

### Background

The application IA(IBC)/777(KB)2022 was filed by the Resolution Professional (RP) of Advance Multisystem Broadband Communications Limited, the Corporate Debtor, under sections 54 and 60(5) of the Insolvency & Bankruptcy Code, 2016, read with rule 11 of the NCLT Rules, 2016, and regulation 45 of the IBBI (Liquidation Process) Regulations, 2016. The RP sought three main reliefs: exclusion of 400 days from the 270-day calculation of the Corporate Insolvency Resolution Process (CIRP), dissolution of the Corporate Debtor under Section 54 of the Code, and any other orders deemed fit and proper by the Adjudicating Authority. The CIRP against the Corporate Debtor was initiated on September 30, 2019, with Mr. Kuldeep Verma appointed as the Interim Resolution Professional

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## Facts

The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) against Advance Multisystem Broadband Communications Limited, the Corporate Debtor, on September 30, 2019. Mr. Kuldeep Verma was appointed as the Interim Resolution Professional (IRP), and this appointment was communicated via email on October 9, 2019. Subsequently, the IRP was appointed as the Resolution Professional (RP) by an order dated January 13, 2020.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Advance Multisystem Broadband Communications Limited, should be…

**Ratio:** Where a Corporate Debtor has no realizable assets, its affairs do not require further…

**Reasoning:** The Adjudicating Authority reasoned that the Corporate Debtor had no fixed or realizable…

**Interpretation:** The court interpreted **Section 54 of the IBC, 2016**, and **Regulation 14 of…

**Application:** In this case, the RP's application for dissolution was supported by the CoC's…

## Parties

- **Judges:** BIDISHA BA…; ARVIND DEVA…
- **Advocates:** For…; Rahul Auddy…; +2 more

## Timeline

- **September 30, 2019 — CIRP Init…**: Adjudicating Authority ordered initiation of CIRP against the Corporate Debtor and…
- **October 9, 2019 — IRP Communi…**: The order initiating CIRP was communicated to…

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