# In the matter of Ayurwin Pharma Private Limited I.A. No. 328,523 & 524-2020 in C.P. (IB) No. 266-BB-2019

> NCLT judgment dated 2021-01-04. Citation: TCN-2021-NCLT-03424. The case involves an application for the dissolution of Ayurwin Pharma Private Limited, the…

- **Court:** NCLT
- **Order date:** 4 Jan 2021
- **Citation:** TCN-2021-NCLT-03424
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ayurwin-pharma-private-limited-ia-no-328523-524-2020-in-cp-ib-no-266-bb-2019-b71c0b7c

## Summary

### Background

The case involves an application for the dissolution of Ayurwin Pharma Private Limited, the Corporate Debtor, which is in liquidation. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor, and the Resolution Professional (RP) was appointed. The RP filed applications seeking the dissolution of the Corporate Debtor and permission to sell its assets. The admitted claims of financial and operational creditors far exceed the realizable assets of the Corporate Debtor. The last available audited financial statements are for the year 2014-15, and the business has come to a standstill with no future prospects. The CoC unanimously resolved to sell the assets and dissolve the Corporate Debtor.

## Facts

The Corporate Debtor, Ayurwin Pharma Private Limited, underwent CIRP, and Ms. Shirley Mathew was appointed as the Resolution Professional. The CIRP was initiated based on a petition admitted on 2020-02-05. A public announcement was made, and the last date for submission of claims was 2020-02-26. Corporation Bank claimed a financial debt of Rs. 10,10,68,829, which was admitted, constituting 100% of the Committee of Creditors (CoC) initially. IndusInd Bank later submitted a claim of Rs. 51,09,984, which was admitted, giving them 5% voting rights. The RP received other claims amounting to Rs. 74,10,260 and Rs. 42,10,341 after 92 days, which were rejected. Operational creditors filed 67 claims amounting to Rs. 89,38,78,744, with Rs. 76,42,27,841 provisionally admitted. The

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be …

**Ratio:** Section 54 of the I&B Code, 2016, read with Regulation 14 of the IBBI (Liquidation

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**Reasoning:** The Adjudicating Authority noted that the value of claims far exceeded the realizable

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**Interpretation:** The provision is interpreted to mean that if the assets of a corporate debtor

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**Application:** Given the Corporate Debtor's financial condition and the CoC's resolution, the

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** Shirley M…
- **Respondents:** Ayurwin Pharma…; Dentsu Aegis…

## Timeline

- **2020-02-05 — CIRP Admi…**: Petition seeking CIRP against the…
- **2020-02-26 — Last Date for…**: Last date for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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