# In the matter of Klisma E-Services Pvt. Ltd. IA 2083 of 2020 in CP 3834 of 2019

> NCLT judgment dated 2021-08-10. Citation: TCN-2021-NCLT-01381. The case involves an application filed by the Resolution Professional under Section 33 of the…

- **Court:** NCLT
- **Order date:** 10 Aug 2021
- **Citation:** TCN-2021-NCLT-01381
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/klisma-e-services-pvt-ltd-ia-2083-of-2020-in-cp-3834-of-2019-17c69c75

## Summary

### Background

The case involves an application filed by the Resolution Professional under Section 33 of the Insolvency and Bankruptcy Code (IBC) seeking direct dissolution of Klisma E-services Pvt. Ltd., the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) commenced on January 20, 2020. However, the Resolution Professional received the admission order on February 7, 2020. A public announcement was made, and a claim was received from Persistent Systems Limited, the original petitioner. The Interim Resolution Professional (IRP) was unable to form a Committee of Creditors (CoC) because Persistent Systems Limited, the Financial Creditor, was deemed a related party under Section 5(24)(j) of the IBC.

## Facts

The Corporate Debtor, Klisma E-services Pvt. Ltd., underwent CIRP commencing on January 20, 2020. The Resolution Professional received the admission order on February 7, 2020. Persistent Systems Limited, the original petitioner and Financial Creditor, submitted a claim. The IRP could not form a CoC because Persistent Systems Limited held 50% of the Corporate Debtor's shares, making them a related party under Section 5(24)(j) of the IBC. The Corporate Debtor had been non-operational for five years with no assets to be realized and insufficient assets to discharge liabilities. The Corporate Debtor had only one bank account with a balance of Rs. 38,913.89. The applicant sought to amend the application for liquidation and seek direct dissolution based on a judgment from

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can order the dissolution of a Corporate Debtor without …

**Ratio:** Section 54 of the IBC empowers the Adjudicating Authority to grant dissolution of the

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**Reasoning:** The court reasoned that in the present case, there were no assets which are realizable as

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**Interpretation:** Section 54 of the IBC is interpreted to allow the Adjudicating Authority to

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** SUCHITRAKAN…; Chandra Bha…
- **Appellants:** Dinesh Gopal…
- **Respondents:** Klisma E-…

## Timeline

- **2020-01-20 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP)…
- **2020-02-07 — Order Rec…**: Resolution Professional…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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