# In the matter of Dev Cotex Pvt. Ltd. IA 467-2019 in C.P. (I.B) No. 63-NCLT-AHM-2017

> NCLT judgment dated 2019-09-24. Citation: TCN-2019-NCLT-01293. The case involves an application filed under Section 54 of the Insolvency & Bankruptcy Code for…

- **Court:** NCLT
- **Order date:** 24 Sept 2019
- **Citation:** TCN-2019-NCLT-01293
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dev-cotex-pvt-ltd-ia-467-2019-in-cp-ib-no-63-nclt-ahm-2017-9b99408e

## Summary

### Background

The case involves an application filed under Section 54 of the Insolvency & Bankruptcy Code for the dissolution of a corporate debtor, Dev Cotex Pvt. Ltd. The liquidator, Premraj Ramratan Laddha, filed the application stating that all assets of the Corporate Debtor/Respondent had been properly liquidated, and no further assets remained for liquidation or recovery of dues. The Monetary Committee confirmed that the liquidator could proceed with the application for dissolution.

## Facts

The present case was filed under Section 54 of the Insolvency & Bankruptcy Code. The liquidator, Premraj Ramratan Laddha, stated that all assets of Dev Cotex Pvt. Ltd. had been liquidated, and no further assets remained. A remaining balance of Rs. 4,55,446/- existed in the company's account with the State Bank of India as of 10.05.2019. The Adjudicating Authority had previously directed the liquidator to complete the liquidation process. The liquidator reported that the entire balance had been disbursed to eligible financial creditors. The Monetary Committee confirmed that the liquidator could proceed with the application for dissolution. The liquidator sought dissolution of the Corporate Debtor.

## Issues and analysis

### Issue 1: Whether the assets of the Corporate Debtor …

**Ratio:** Section 54 of the Insolvency & Bankruptcy Code allows for the dissolution of a

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**Reasoning:** The liquidator submitted that all assets had been liquidated and the remaining balance of

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**Interpretation:** The interpretation of Section 54 requires that all assets must be liquidated,

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**Application:** In this case, the liquidator's report indicated that all assets had been

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## Parties

- **Judges:** Harihar Prakash…; Prasanta Kumar…
- **Respondents:** Dev Cotex P…; State Bank of…

## Timeline

- **2019-05-10 — Remaining B…**: Remaining balance of Rs. 4,55,446/- in the…
- **2019-08-28 — Interim…**: Adjudicating Authority directed the…

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