# 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-04952. 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-04952
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dev-blessing-traders-private-limited-cpib-1284-mb-2017-63118bf9

## 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. An order was passed on 01.12.2017 admitting the petition u/s 7 of the I&B Code and appointing a Resolution Professional. Subsequently, the Committee of Creditors approved liquidation on 28.05.2018, and an order u/s 33(2) was passed on 26.10.2018, allowing the Debtor Company to be liquidated.

## Facts

Central Bank of India, a financial creditor, filed an application against Dev Blessing Traders Private Limited, the corporate debtor. The application was admitted on 01.12.2017, initiating the Corporate Insolvency Resolution Process (CIRP). Mr. Tejas Parikh was appointed as the Resolution Professional. The Committee of Creditors (CoC) approved liquidation on 28.05.2018. An order for liquidation was passed on 26.10.2018. The Resolution Professional, acting as Liquidator, reported that the Corporate Debtor had no assets for liquidation. Central Bank of India intended to recover its dues by proceeding against the personal guarantors under the SARFAESI Act, 2002. The Liquidator filed an application for early dissolution of the Corporate Debtor. The bank had granted

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be dissolved under Section 54 of the Insolvency and Bankruptcy …

**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 Liquidator's report confirmed the absence of assets for

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**Interpretation:** Section 54 provides a mechanism for dissolving a corporate debtor when there

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**Application:** The court applied Section 54 and Regulation 14 to the facts of the case,

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## Parties

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

## Timeline

- **2017-08-04 — Form No.1 R…**: Central Bank of India, a 'Financial Creditor', submitted Form No.1 against the 'Corporate…
- **2017-12-01 — Petition Ad…**: An Order was passed admitting the Petition u/s.7 of The I&B Code by appointing a…

## 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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