# 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-04933. 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-04933
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dev-blessing-traders-private-limited-cpib-1284-mb-2017-accdfd83

## 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 for liquidation as the Debtor Company had no assets for liquidation to satisfy the outstanding debt. An order under Section 33(2) was passed 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, under Section 7 of the I&B Code. The application was admitted, and Mr. Tejas Parikh was appointed as the Resolution Professional. A moratorium was declared. The Resolution Professional constituted a Committee of Creditors. The Resolution Professional reported that the Debtor Company had no assets for liquidation to satisfy the outstanding debt. The Committee of Creditors approved for liquidation. An order under Section 33(2) was passed allowing the Debtor Company to be liquidated. The Liquidator also reported that the Debtor Company had no assets which can be liquidated. The Central Bank of India informed that they would recover

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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 Resolution Professional and the Liquidator both 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 court applied the ratio to the specific facts, noting that

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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 — Order Pa…**: 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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