# In the matter of Apna Scientific Supplies Private Limited MA-920-2019 in CP-811-IB-2018

> NCLT judgment dated 2019-09-24. Citation: TCN-2019-NCLT-01297. The case pertains to MA/920/2019 in CP/811/IB/2018 filed under Section 54 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 24 Sept 2019
- **Citation:** TCN-2019-NCLT-01297
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/apna-scientific-supplies-private-limited-ma-920-2019-in-cp-811-ib-2018-10601195

## Summary

### Background

The case pertains to MA/920/2019 in CP/811/IB/2018 filed under Section 54 of the Insolvency and Bankruptcy Code, 2016, concerning M/s. Apna Scientific Supplies Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor after CP/811/IB/2018 was filed by the Operational Creditor, M/s. Balaji Tech Industries, and admitted on 2018-08-10. Initially, Mr. Gopala Krishna Raju was appointed as Interim Resolution Professional (IRP).

## Facts

The case involves M/s. Apna Scientific Supplies Private Limited, a corporate debtor undergoing CIRP. Initially, M/s. Balaji Tech Industries, an operational creditor, filed CP/811/IB/2018, which was admitted on 2018-08-10, initiating the CIRP. An Interim Resolution Professional (IRP), Mr. Gopala Krishna Raju, was appointed, who was later replaced by Mr. Ramachandran Balachandran. The IRP took over management, issued newspaper publications to invite claims, and constituted the Committee of Creditors (CoC). The CoC decided to seek an extension of time for approving a resolution plan. However, the Resolution Professional found that the Corporate Debtor had no assets and only liabilities, precluding the preparation of an Information Memorandum or a viable resolution plan.

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## Issues and analysis

### Issue 1: Whether the dissolution of the Corporate Debtor, M/s. Apna Scientific Supplies Pvt. Ltd, is …

**Ratio:** Section 54(2) of the I&B Code, 2016, allows the Adjudicating Authority to order the

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**Reasoning:** The court reasoned that since the Resolution Professional's enquiry revealed that the

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**Interpretation:** Section 54(2) is interpreted to mean that if a corporate debtor has no assets

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**Application:** The court applied this ratio to the specific facts, noting the Resolution

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## Parties

- **Judges:** CH. MOHD SHARIEF…; Anil Ku…
- **Respondents:** M/s. Apna…

## Timeline

- **2018-08-10 — Admission of CP/811/IB/2…**: CP/811/IB/2018 filed by M/s. Balaji Tech Industries was admitted, initiating the…
- **2018-08-10 — IRP Takes…**: The IRP took over the…

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