# In the matter of Mansi Oils & Grains Pvt. Ltd. IA(IBC)760(KB)2022 In CP(IB)-1042(KB)2018

> NCLT judgment dated 13 Sept 2022. Citation: TCN-2022-NCLT-01084. The application was filed by the Liquidator under section 54 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 13 Sept 2022
- **Citation:** TCN-2022-NCLT-01084
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mansi-oils-grains-pvt-ltd-iaibc760kb2022-in-cpib-1042kb2018-1f61e274

## Summary

### Background

The application was filed by the Liquidator under section 54 of the Insolvency and Bankruptcy Code, 2016, read with regulation 45 of the IBBI (Liquidation Process) Regulations, 2016, seeking the dissolution of the Corporate Debtor, Mansi Oils & Grains Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on January 9, 2019, and subsequently, a liquidation order was passed on July 19, 2019.

## Facts

The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) against Mansi Oils & Grains Pvt. Ltd. on January 9, 2019, following a petition by United Bank of India, a financial creditor, under section 7 of the Insolvency and Bankruptcy Code, 2016. Ms. Rachna Jhunjhunwala was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Subsequently, on July 19, 2019, the Adjudicating Authority ordered the liquidation of the Corporate Debtor, appointing Ms. Rachna Jhunjhunwala as the Liquidator.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Mansi Oils &…

**Ratio:** A corporate debtor can be dissolved when its affairs have been completely wound up, its…

**Reasoning:** The Adjudicating Authority found that the Liquidator had fully complied with the…

**Interpretation:** The court interpreted section 54 of the Insolvency and Bankruptcy Code, 2016,…

**Application:** In this case, the Liquidator submitted a Final Report, Form H, and a…

## Parties

- **Judges:** Rohit K…; Balraj…
- **Advocates:** For the Applicant:…; Rahul Parasrampuri…; +3 more

## Timeline

- **January 9, 2019 — CIRP Init…**: Adjudicating Authority ordered the initiation of Corporate Insolvency Resolution Process…
- **January 30, 2019 — RP Confir…**: At the first Committee of Creditors (CoC) meeting, the Interim Resolution Professional…

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