# 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-00226. The case pertains to an application filed by CA Bhavi Shreyans Shah, the Liquidator of Bansal…

- **Court:** NCLT
- **Order date:** 8 Dec 2021
- **Citation:** TCN-2021-NCLT-00226
- **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-2019-1c9e5bb3

## Summary

### Background

The case pertains to an application filed by CA Bhavi Shreyans Shah, the Liquidator of Bansal Shipping Pvt. Ltd., seeking an order for the dissolution of the Corporate Debtor under Section 54 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 14 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The CIRP proceedings of the Corporate Debtor were initiated on 08.12.2020, and CA Bhavi Shreyans Shah was appointed as the IRP. Subsequently, the CoC resolved to initiate the liquidation process 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

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## 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 the liquidation process 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. 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. The Liquidator received a claim from one Operational Creditor, Mr. Himanshu Pravinbhai Pandya, for Rs. 5,25,000. The CoC approved the estimated liquidation cost of Rs. 80,000 on 06.04.2021. The

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## Issues and analysis

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

**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 assets of the Corporate Debtor have been completely

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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:** The ratio and reasoning are applied to the facts of the case, where the

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## Parties

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

## Timeline

- **2020-12-08 — Initiation…**: CIRP proceedings of the…
- **2021-04-06 — CoC Resolution for…**: The CoC resolved to initiate the…

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