# In the matter of Ceeyes Software Technologies Private Limited IA No. 1203-2020 in CP (IB) No. 354-9-HDB-2018

> NCLT judgment dated 2021-03-05. Citation: TCN-2021-NCLT-02804. The case pertains to IA No.1203/2020 in CP (IB) No.354/9/HDB/2018 filed under Section 54 of the…

- **Court:** NCLT
- **Order date:** 5 Mar 2021
- **Citation:** TCN-2021-NCLT-02804
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ceeyes-software-technologies-private-limited-ia-no-1203-2020-in-cp-ib-no-354-9-h-a3bc10c4

## Summary

### Background

The case pertains to IA No.1203/2020 in CP (IB) No.354/9/HDB/2018 filed under Section 54 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking an order for the dissolution of the Corporate Debtor, M/s. Ceeyes Software Technologies Pvt Ltd. The CIRP was initiated by M/s. Touchstone Consultants (Operational Creditor) under Section 9 of the IBC, 2016. The Adjudicating Authority admitted the application on 13.02.2019 and appointed an Interim Resolution Professional (IRP), who was later confirmed as Resolution Professional (RP) by the Committee of Creditors (CoC).

## Facts

M/s. Ceeyes Software Technologies Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by M/s. Touchstone Consultants, an operational creditor, under Section 9 of the IBC, 2016. The Adjudicating Authority admitted the application on 13.02.2019. Mr. Ram Murthy Kommera was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Due to the absence of a resolution plan, the Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor on 14.06.2019. The Adjudicating Authority ordered liquidation on 29.11.2019, appointing Mr. Kommera as the Liquidator. The Liquidator made a public announcement inviting claims, receiving only one claim from M/s. Touchstones Consultants for Rs.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should pass an order for the dissolution of the Corporate …

**Ratio:** Section 54(2) of the IB Code, 2016, empowers the Adjudicating Authority to pass an order

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**Reasoning:** The Adjudicating Authority considered the fact that the Liquidator had liquidated the

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**Interpretation:** Section 54(2) of the IB Code, 2016, provides the Adjudicating Authority with

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**Application:** In this case, the Liquidator had liquidated the assets and distributed them as

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## Parties

- **Judges:** Madan B.…; Veera Brahma Rao…
- **Appellants:** Ram Murthy…
- **Respondents:** Ceeyes Software…; Chaganty…

## Timeline

- **2019-02-13 — CIRP Init…**: Adjudicating Authority admitted the application filed by M/s. Touchstone Consultants…
- **2019-06-14 — CoC Resolution for…**: The CoC in its 4th meeting resolved to…

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