# In the matter of Quadra Software Solutions Pvt. Ltd. CP(IB)No. 104-BB-2019

> NCLT judgment dated 2019-12-02. Citation: TCN-2019-NCLT-00367. The case involves CP(IB)No. 104/BB/2019, concerning a report of IRP-CIRP under Section 9 of the…

- **Court:** NCLT
- **Order date:** 2 Dec 2019
- **Citation:** TCN-2019-NCLT-00367
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/quadra-software-solutions-pvt-ltd-cpibno-104-bb-2019-86cdfd4b

## Summary

### Background

The case involves CP(IB)No. 104/BB/2019, concerning a report of IRP-CIRP under Section 9 of the I&B Code, 2016. The IRP submitted that the corporate debtor has limited assets (Rs. 25 Lakhs) compared to liabilities (Rs. 2.03 Crores).

## Facts

The case pertains to CP(IB)No. 104/BB/2019, involving a report related to IRP-CIRP. The IRP, A Haresh, informed the court that the corporate debtor possesses only Rs. 25 Lakhs in property/cash. However, the liabilities, encompassing Income Tax, Employees Provident Funds, ESI, Service Tax, Central Sales Tax, VAT, Labour Welfare fund, Professional Tax, IRP fees, and Income Tax legislations, amount to Rs. 2.03 Crores. This substantial difference indicates that the liabilities far outweigh the assets, leaving no funds available for liquidation. The court acknowledged this discrepancy and directed the IRP to file an application for the dissolution of the company.

## Issues and analysis

### Issue 1: Whether the IRP should be directed to file an application for the dissolution of the company given …

**Ratio:** When a corporate debtor's liabilities significantly exceed its assets, and there are no

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**Reasoning:** The court reasoned that since the liabilities of the corporate debtor (Rs. 2.03 Crores)

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**Interpretation:** This interpretation emphasizes the importance of assessing the financial

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**Application:** In this case, the IRP's submission clearly demonstrated that the corporate

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Respondents:** M/s Quadra…

## Timeline

- **2019-12-02 — Hearing…**: Hearing held on 02.12.2019 at the National…
- **2019-12-10 — Case Pos…**: Case posted on 10.12.2019…

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