# In the matter of Pradeep Downhole Equipments Private Limited I.A. No. 3241-2021 in C.P. No. (IB)-589 (PB)-2018

> NCLT judgment dated 2022-01-07. Citation: TCN-2022-NCLT-04490. The application was filed by the Liquidator under Section 54 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 7 Jan 2022
- **Citation:** TCN-2022-NCLT-04490
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pradeep-downhole-equipments-private-limited-ia-no-3241-2021-in-cp-no-ib-589-pb-2-73225171

## Summary

### Background

The application was filed by the Liquidator under Section 54 of the Insolvency and Bankruptcy Code, 2016, for the purpose of dissolution of the Corporate Debtor, M/s. Pradeep Downhole Equipments Private Limited. The original petition for initiation of CIRP was admitted on October 25, 2018, based on an application filed by M/s. One Macro Leafin Private Limited, under Section 7. Mr. Tarun Jain was appointed as the IRP and later as the RP. The Tribunal directed that M/s. Pradeep Downhole Equipments Pvt. Ltd. be liquidated, and the applicant was appointed as the Liquidator. A public announcement was issued on September 25, 2021, for the invitation of claims.

## Facts

M/s. Macro Leafin Pvt. Ltd. initiated CIRP against M/s. Pradeep Downhole Equipments Private Limited. The CIRP was admitted on October 25, 2018, and Mr. Tarun Jain was appointed as the IRP and later as the RP. Subsequently, the Tribunal ordered the liquidation of the Corporate Debtor on September 20, 2019, and the applicant was appointed as the Liquidator. A public announcement was made on September 25, 2021, inviting claims. The Liquidator received claims only from Unsecured Financial Creditors. The Corporate Debtor had no funds in its bank account, no realizable assets, and had not been operational for over six years. No distribution to stakeholders was possible due to the lack of assets. The Liquidator submitted progress reports as required. The Liquidator then filed

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## Issues and analysis

### Issue 1: Whether the assets of the corporate debtor have been completely liquidated, justifying the …

**Ratio:** Section 54(1) of the I&B Code, 2016 stipulates that where the assets of the corporate

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**Reasoning:** The Tribunal observed that all the assets of the Corporate Debtor, M/s. Pradeep Downhole

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**Interpretation:** Section 54(1) provides the legal basis for initiating the dissolution process

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**Application:** In this case, the Liquidator confirmed that all assets of the Corporate Debtor

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## Parties

- **Judges:** Ramalingam…; HEMANT KUMAR…
- **Appellants:** M/s. MACRO LEAFIN…
- **Respondents:** M/s. PRADEEP…

## Timeline

- **2018-10-25 — Admission o…**: The Hon'ble Tribunal admitted the original petition for initiation of CIRP based on the…
- **2019-09-20 — Liquidation…**: The Hon'ble Tribunal directed that M/s. Pradeep Downhole Equipments Pvt. Ltd. be…

## Legal provisions

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

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