# In the matter of Baffin Engineering Projects Limited I A No. 40 of 2020 in CP(IB) No. 395 of 2018

> NCLT judgment dated 2021-02-02. Citation: TCN-2021-NCLT-03156. The application was filed under Section 54(1) of the Insolvency & Bankruptcy Code, 2016 by the…

- **Court:** NCLT
- **Order date:** 2 Feb 2021
- **Citation:** TCN-2021-NCLT-03156
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/baffin-engineering-projects-limited-i-a-no-40-of-2020-in-cpib-no-395-of-2018-74c15176

## Summary

### Background

The application was filed under Section 54(1) of the Insolvency & Bankruptcy Code, 2016 by the Liquidator, Mr. Lekhraj Bajaj, for M/s. Baffin Engineering Project Ltd., which was admitted under Corporate Insolvency Resolution Process (CIRP) vide order dated 24.10.2018. The Financial Creditor, M/s Uniword Telecome Limited, filed an application under Section 7 of IB Code, which was also admitted into CIRP by the Adjudicating Authority on 24.10.2018. Mr. Lekhraj Bajaj was appointed as an IRP. The COC resolved that the appointment of the valuer was not required as there were no realizable assets and resolved to publish the Expression of Interest (EOI). The Resolution Professional published the EOI, but no plan was received. In the fourth COC meeting dated 02.04.2019,

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## Facts

M/s. Baffin Engineering Projects Ltd. was admitted into Corporate Insolvency Resolution Process (CIRP) on 24.10.2018. M/s Uniword Telecome Limited, the financial creditor, had filed an application under Section 7 of the IB Code, which was also admitted into CIRP on the same date. Lekhraj Bajaj was appointed as the IRP. The COC resolved that a valuer was not required due to the absence of realizable assets and decided to publish an Expression of Interest (EOI). Despite publishing the EOI, no resolution plan was received. On 02.04.2019, the COC voted to liquidate the Corporate Debtor and appoint the IRP as Liquidator. The Adjudicating Authority passed the liquidation order on 19.07.2019. Public announcements were made as per regulations. The Liquidator prepared a

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, M/s. Baffin Engineering Projects …

**Ratio:** Section 54 of the Insolvency & Bankruptcy Code, 2016, confers power on the

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**Reasoning:** The court considered the liquidator's report, which stated that the Corporate Debtor had

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**Interpretation:** Section 54 of the IBC provides the Adjudicating Authority with the power to

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**Application:** Given the specific facts of the case, including the liquidator's report

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Lekhraj…
- **Respondents:** Baffin Engineering…; Uniword Telecom…

## Timeline

- **2018-10-24 — Admission in…**: M/s. Baffin Engineering Project Ltd. admitted into Corporate Insolvency Resolution…
- **2018-12-26 — COC Meet…**: Second COC meeting where it was resolved that the appointment of the valuer is not…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54 — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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