# In the matter of Quadra Software Solutions Private Limited I.A. No. 674-2019 in C.P. (IB)No. 104-BB-2019

> NCLT judgment dated 2019-12-20. Citation: TCN-2019-NCLT-00047. The case involves the Corporate Insolvency Resolution Process (CIRP) of M/s. Quadra Software…

- **Court:** NCLT
- **Order date:** 20 Dec 2019
- **Citation:** TCN-2019-NCLT-00047
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/quadra-software-solutions-private-limited-ia-no-674-2019-in-cp-ibno-104-bb-2019-1595c380

## Summary

### Background

The case involves the Corporate Insolvency Resolution Process (CIRP) of M/s. Quadra Software Solutions Private Limited. Initially, CIRP was initiated based on an application by Mr. Sony Mathew. The Adjudicating Authority admitted the application and appointed Shri Addanki Haresh as the Interim Resolution Professional (IRP). Subsequently, he was confirmed as the Resolution Professional (RP). However, no resolution plan was received during the CIRP period, and the Committee of Creditors (CoC) recommended liquidation. The RP filed an application for the dissolution of the company, citing a lack of assets to cover CIRP and liquidation expenses.

## Facts

Initially, Mr. Sony Mathew filed C.P.(IB)No.104/BB/2019 to initiate CIRP against M/s. Quadra Software Solutions Private Limited (Corporate Debtor). The Adjudicating Authority admitted the CIRP application on 2019-06-25 and appointed Shri Addanki Haresh as the IRP. The CoC confirmed Shri Addanki Haresh as the RP. The CoC recommended liquidation due to the absence of a resolution plan. The assets of the Corporate Debtor were valued at Rs.2.50 Lakhs, while the statutory liabilities amounted to Rs.2.03 Cr. The Corporate Debtor had no fixed assets, inventory, or movable assets. The value of the liquidation estate was deemed 'NIL'. The Corporate Debtor had a pending litigation in Pune, secured by a bank guarantee of Rs.7,13,498. The Resolution Professional filed a Compliance

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should dissolve the Corporate Debtor, M/s. Quadra Software …

**Ratio:** Section 54 of the IBC empowers the Adjudicating Authority to dissolve a company after the

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**Reasoning:** The court reasoned that the CIRP process, including liquidation, had been followed. The

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**Interpretation:** Section 54 of the IBC allows the Adjudicating Authority to dissolve a company

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**Application:** Given the lack of assets and the CoC's recommendation for liquidation, the

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** Sony Ma…
- **Respondents:** Quadra Software…

## Timeline

- **2019-06-25 — CIRP Init…**: CIRP initiated based on…
- **2019-12-19 — Compliance Af…**: Resolution Professional…

## 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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