# In the matter of Neutrino Power Systems Private Limited IA (IBC)/207 of 2021 in CP (IB) No. 125-10-HDB-2017

> NCLT judgment dated 2021-06-30. Citation: TCN-2021-NCLT-01890. The case involves an application filed by the Liquidator seeking an order for the dissolution…

- **Court:** NCLT
- **Order date:** 30 Jun 2021
- **Citation:** TCN-2021-NCLT-01890
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/neutrino-power-systems-private-limited-ia-ibc207-of-2021-in-cp-ib-no-125-10-hdb-9b16d424

## Summary

### Background

The case involves an application filed by the Liquidator seeking an order for the dissolution of the Corporate Debtor, Neutrino Power Systems Private Limited, under Section 54(1) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 45(3) of the IBBI (Liquidation Process) Regulations, 2016. The liquidation process was initiated following an order by the Tribunal on 14.12.2018, and Mr. Chandra Sekhar Arasada was appointed as the Liquidator. Public announcements were made to invite claims from stakeholders, and the Liquidator followed the timelines specified in the Liquidation Regulations.

## Facts

The Bank of Bahrain & Kuwait BSC initiated Corporate Insolvency Resolution Process (CIRP) against Neutrino Power Systems Private Limited. The Tribunal ordered the liquidation of the company on 14.12.2018 and appointed Mr. Chandra Sekhar Arasada as the Liquidator. The Liquidator made public announcements to invite claims from stakeholders. The Bank of Bahrain & Kuwait BSC, being the sole secured creditor, disposed of the plant and machinery under SARFAESI and credited the proceeds to the Corporate Debtor's Liquidation Account. The Liquidator filed progress reports, paid CIRP costs and liquidation expenses, and distributed the balance amount. The Liquidator then filed an application seeking dissolution of the Corporate Debtor, stating that there were no further

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, M/s Neutrino Power Systems Private …

**Ratio:** Section 54(1) of the IBC, 2016, states that where the assets of the Corporate Debtor have

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**Reasoning:** The Tribunal considered the Liquidator's report, which indicated that all assets had been

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**Interpretation:** Section 54(1) of the IBC, 2016, and Regulation 45 of the IBBI (Liquidation

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**Application:** In this case, the Liquidator had completed the liquidation process, distributed

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## Parties

- **Judges:** Shrimadan…; Veera Brahma Rao…
- **Appellants:** Neutrino Power…
- **Respondents:** Neutrino Power…; Bank of Bahrain &…

## Timeline

- **2018-12-14 — Tribunal…**: Tribunal passed an order liquidating the Company and appointed Shri Chandra Sekhar…
- **2018-12-16 — Public Annou…**: Liquidator carried out public announcement in 'Nava Telangana' and 'Financial Express'…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54(1) — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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