# In the matter of Ashapuri Metals Pvt. Ltd. IA 228 (AHM) 2021 in C.P. (IB) No. 200-9-NCLT-AHM-2019

> NCLT judgment dated 2021-04-07. Citation: TCN-2021-NCLT-02437. The case pertains to IA 228 of 2021 filed in CP (IB) No. 200/9/NCLT/AHM/2019, concerning the…

- **Court:** NCLT
- **Order date:** 7 Apr 2021
- **Citation:** TCN-2021-NCLT-02437
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ashapuri-metals-pvt-ltd-ia-228-ahm-2021-in-cp-ib-no-200-9-nclt-ahm-2019-74091ec9

## Summary

### Background

The case pertains to IA 228 of 2021 filed in CP (IB) No. 200/9/NCLT/AHM/2019, concerning the liquidation of Ashapuri Metals Pvt. Ltd. The corporate insolvency resolution process (CIRP) was initiated following a petition filed by Mr. Alkesh Govindbhai Patel, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code (I&B Code). The Adjudicating Authority admitted the petition on July 5, 2019, and appointed an Interim Resolution Professional (IRP), who was later approved as the Resolution Professional (RP) by the Committee of Creditors (CoC). The CoC decided to liquidate the Corporate Debtor due to the absence of ongoing activities and waived the requirement for inviting resolution applicants. The applicant was appointed as the liquidator.

## Facts

Mr. Alkesh Govindbhai Patel, an operational creditor, filed a petition under Section 9 of the I&B Code, leading to the initiation of CIRP for Ashapuri Metals Pvt. Ltd. on July 5, 2019. An IRP was appointed and later approved as RP. The CoC decided to liquidate the Corporate Debtor due to the absence of ongoing activities and waived the requirement for inviting resolution applicants. Mr. Kailash T Shah was appointed as the liquidator. A public announcement was made on July 9, 2020, inviting claims from stakeholders. The liquidator received a claim of Rs. 6,92,043/- from Mr. Alkesh G. Patel, which was verified. A Stakeholders' Consultation Committee was constituted. The liquidator prepared a Receipt and Payment Account from July 2, 2020, to February 12, 2021. The

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, Ashapuri Metals Pvt. Ltd., under …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, stipulates that where the assets

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**Reasoning:** The Adjudicating Authority considered the facts and circumstances presented by the

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**Interpretation:** Section 54 of the I&B Code provides a clear framework for the dissolution

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**Application:** In this case, the liquidator, Mr. Kailash T Shah, has completely liquidated the

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Respondents:** Ashapuri Metals…

## Timeline

- **2019-07-05 — Initiation…**: The Adjudicating Authority admitted the petition filed by Mr. Alkesh Govindbhai Patel and…
- **2019-08-17 — First CoC M…**: The Committee of Creditors (CoC) approved the continuation of the Interim Resolution…

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