# In the matter of Max-Tech Oil & Gas services Pvt. Ltd. (IB)-48(PB)-2017

> NCLT judgment dated 2021-03-31. Citation: TCN-2021-NCLT-02513. The case involves an application by the liquidator for the dissolution of the corporate debtor.…

- **Court:** NCLT
- **Order date:** 31 Mar 2021
- **Citation:** TCN-2021-NCLT-02513
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/max-tech-oil-gas-services-pvt-ltd-ib-48pb-2017-f04e08c9

## Summary

### Background

The case involves an application by the liquidator for the dissolution of the corporate debtor. The application is based on the final report filed by the liquidator, which indicates that the assets of the corporate debtor have been sold, and the proceeds have been distributed to the stakeholders as per Section 53 of the Insolvency and Bankruptcy Code (IBC).

## Facts

Agarwal Marketing and Services (Energy) Pvt. Ltd. filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016. The liquidator moved an application for the dissolution of the corporate debtor. The liquidator's final report indicated that the assets of the corporate debtor were sold, and the proceeds were distributed to the stakeholders as stated under Section 53 of the Code. The court considered the application and the final report. The key fact is that the assets were sold and distributed according to the IBC, which forms the basis for the dissolution order.

## Issues and analysis

### Issue 1: Whether the corporate debtor should be dissolved based on the liquidator's final report indicating …

**Ratio:** A corporate debtor can be dissolved when its assets have been sold, and the proceeds have

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**Reasoning:** The court reasoned that the liquidator's final report provided sufficient evidence that

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**Interpretation:** Section 53 of the Insolvency and Bankruptcy Code, 2016 outlines the priority in

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**Application:** In this case, the liquidator's report confirmed that the assets were sold, and

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## Parties

- **Judges:** B.S.V. Prakash…; K.K. V…
- **Appellants:** Agarwal Marketing…
- **Respondents:** M/s. Max Tech Oil…

## Timeline

- **2021-03-31 — Order Del…**: Order delivered on the application moved by the liquidator for dissolution of the…

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