# In the matter of Dev Blessing Traders Private Limited C.P.(IB)-1284-(MB)-2017

> NCLT judgment dated 2019-02-08. Citation: TCN-2019-NCLT-04943. The case pertains to an application submitted by the Resolution Professional seeking an order…

- **Court:** NCLT
- **Order date:** 8 Feb 2019
- **Citation:** TCN-2019-NCLT-04943
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dev-blessing-traders-private-limited-cpib-1284-mb-2017-07efaf01

## Summary

### Background

The case pertains to an application submitted by the Resolution Professional seeking an order for the dissolution of the Corporate Debtor, Dev Blessing Traders Private Limited, under Section 54 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 14 of the IBBI (Liquidation Process) Regulations, 2017. The Corporate Debtor was admitted into CIRP following an application by Central Bank of India, a Financial Creditor, under Section 7 of the I&B Code. A Resolution Professional, Mr. Tejas Parikh, was appointed, and a moratorium was declared. The Committee of Creditors approved liquidation on 2018-05-28. An order under Section 33(2) was passed on 2018-10-26, allowing the Debtor Company to be liquidated.

## Facts

Central Bank of India, a Financial Creditor, filed an application under Section 7 of the I&B Code against Dev Blessing Traders Private Limited, the Corporate Debtor. The application was admitted on 2017-12-01, and Mr. Tejas Parikh was appointed as the Resolution Professional. A moratorium was declared. The Committee of Creditors approved liquidation on 2018-05-28. The Resolution Professional reported that the Corporate Debtor had no assets for liquidation. Central Bank of India intended to recover its dues from the personal guarantors/directors under the SARFAESI Act, 2002. The Liquidator prepared a preliminary report and concluded that there were no realizable assets and that further investigation was unnecessary. The Liquidator then applied for early dissolution

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor under Section 54 of the Insolvency …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 14 of the

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**Reasoning:** The court reasoned that the Resolution Professional and the Liquidator had reported that

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**Interpretation:** Section 54 and Regulation 14 provide a mechanism for the early dissolution of a

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**Application:** In this case, the absence of assets for liquidation, the intention of the

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Tejas Jatin…
- **Respondents:** Dev Blessing…
- **Advocates:** Nupur Aw…

## Timeline

- **2017-08-04 — Form No.1 R…**: Form No.1 received from Central Bank…
- **2017-12-01 — Admission of…**: Order passed admitting the…

## 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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