# In the matter of Bansal Shipping Pvt. Ltd. IA 706 (AHM) of 2021 in CP(IB)635-9-NCLT-AHM-2019

> NCLT judgment dated 2021-12-08. Citation: TCN-2021-NCLT-00230. The case pertains to the dissolution of Bansal Shipping Pvt. Ltd., a Corporate Debtor, under…

- **Court:** NCLT
- **Order date:** 8 Dec 2021
- **Citation:** TCN-2021-NCLT-00230
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bansal-shipping-pvt-ltd-ia-706-ahm-of-2021-in-cpib635-9-nclt-ahm-2019-0e293322

## Summary

### Background

The case pertains to the dissolution of Bansal Shipping Pvt. Ltd., a Corporate Debtor, under Section 54 of the Insolvency and Bankruptcy Code, 2016. The CIRP proceedings were initiated on 08.12.2020, and CA Bhavi Shreyans Shah was appointed as the IRP. Subsequently, the CoC resolved to initiate liquidation on 06.04.2021. An order for liquidation was passed on 21.06.2021, and CA Bhavi Shreyans Shah was appointed as the Liquidator. The liquidator made a public announcement of liquidation on 24.06.2021. The liquidator submitted a preliminary report on 02.08.2020 and an asset memorandum on 02.08.2020. The first progress report was submitted on 12.07.2021, and the final report for dissolution was filed on 06.09.2021.

## Facts

The Corporate Debtor, Bansal Shipping Pvt. Ltd., underwent CIRP proceedings initiated on 08.12.2020. CA Bhavi Shreyans Shah was appointed as the IRP and later as the Liquidator. The CoC resolved to initiate liquidation on 06.04.2021, and a liquidation order was passed on 21.06.2021. The Liquidator made a public announcement of liquidation on 24.06.2021. A preliminary report was submitted on 02.08.2020, and an asset memorandum was also submitted on 02.08.2020. The first progress report was submitted on 12.07.2021, and the final report for dissolution was filed on 06.09.2021. The Liquidator received a claim from one Operational Creditor, Mr. Himanshu Pravinbhai Pandya, for Rs. 5,25,000/-. The members of CoC approved the estimated liquidation cost of Rs. 80,000/-. The

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## Issues and analysis

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

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, provides for the dissolution of a

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**Reasoning:** The court reasoned that the Corporate Debtor had no assets left and no business operation

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**Interpretation:** Section 54 of the IBC is interpreted to mean that once the assets of a

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**Application:** In this case, the court applied Section 54 and Regulation 14 to the facts

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## Parties

- **Judges:** Madan B.…; Ajai Das Me…
- **Appellants:** Bhavi Shreyans…
- **Respondents:** Bansal Shipping…
- **Advocates:** Sumit P…

## Timeline

- **2020-12-08 — CIRP Init…**: CIRP proceedings of the…
- **2020-12-08 — Appointment…**: CA Bhavi Shreyans Shah was appointed…

## 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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