# 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-03161. 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-03161
- **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-c69e1518

## 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 admitted into CIRP by the Adjudicating Authority vide order dated 24.10.2018. Mr. Lekhraj Bajaj was appointed as an IRP. After forming the COC, in the second COC meeting dated 26.12.2018, it was resolved that the appointment of the valuer was not required as there were no realizable assets. Further, COC resolved to publish the Expression of Interest (EOI). The Resolution Professional

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## Facts

M/s. Baffin Engineering Projects Ltd. was admitted into Corporate Insolvency Resolution Process (CIRP) on 24.10.2018. Uniword Telecome Limited, the financial creditor, initiated the CIRP under Section 7 of the IB Code. Lekhraj Bajaj was appointed as the IRP and later as the liquidator. The Committee of Creditors (COC) resolved that a valuer was not required due to the absence of realizable assets. An Expression of Interest (EOI) was published, but no resolution plan was received. The COC then voted to liquidate the corporate debtor. The liquidation order was passed on 19.07.2019. Public announcements were made. The liquidator prepared a preliminary report stating that the corporate debtor had no assets or bank accounts and had not been in operation for over nine years.

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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, provides the Adjudicating

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**Reasoning:** The court reasoned that the corporate debtor had no assets to realize, had not been in

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**Interpretation:** Section 54 of the Insolvency & Bankruptcy Code, 2016 is interpreted to

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**Application:** The court applied the ratio to the specific facts of the case, noting that the

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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. was admitted into Corporate Insolvency Resolution…
- **2018-12-26 — COC Meet…**: The second COC meeting resolved that a valuer was not required due to the absence of…

## 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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