# In the matter of Ramsarup Vyapaar Limited I.A. (IB) No. 674-KB-2021 in C.P. (IB) No. 756-KB-2017

> NCLT judgment dated 2021-10-08. Citation: TCN-2021-NCLT-00773. The case pertains to an application filed under section 54(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 8 Oct 2021
- **Citation:** TCN-2021-NCLT-00773
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ramsarup-vyapaar-limited-ia-ib-no-674-kb-2021-in-cp-ib-no-756-kb-2017-107b3ebf

## Summary

### Background

The case pertains to an application filed under section 54(2) of the Insolvency and Bankruptcy Code, 2016, read with regulation 45(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, by the Liquidator of Ramsarup Vyapaar Limited, seeking dissolution of the Corporate Debtor. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 17.05.2018, and Mr. Jitendra Lohia was appointed as the Interim Resolution Professional, later confirmed as Resolution Professional. A resolution for liquidation was passed on 05.10.2018, and a liquidation order was passed on 16.11.2018. Public announcement of the liquidation was made on 18.11.2018.

## Facts

Ramsarup Vyapaar Limited underwent Corporate Insolvency Resolution Process (CIRP) after being admitted by the Adjudicating Authority on 17.05.2018. Jitendra Lohia was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. Due to the absence of a resolution plan, the Committee of Creditors (CoC) passed a resolution for liquidation on 05.10.2018, leading to a liquidation order on 16.11.2018, with Jitendra Lohia appointed as the Liquidator. Public announcement of the liquidation was made on 18.11.2018. The Liquidator appointed two valuers, Adroit Technical Services Pvt. Ltd. and Dutta Sarkar & Company, on 21.06.2018 and 22.06.2018, respectively. Four E-auctions were conducted, with the first one announced on 07.02.2019.

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## Issues and analysis

### Issue 1: Whether the affairs of the Corporate Debtor have been completely liquidated in accordance with the …

**Ratio:** Section 54(2) of the Insolvency and Bankruptcy Code, 2016, read with regulation 45(3) of

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**Reasoning:** The court reasoned that the Liquidator had conducted four E-auctions, appointed valuers,

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**Interpretation:** The interpretation is that the liquidation process must be conducted in

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Respondents:** Ramsarup Vyapaar…
- **Advocates:** Shaunak…; Saurav…; +1 more

## Timeline

- **2017-01-01 — C.P. (IB) No.…**: Filing of the Corporate…
- **2018-05-17 — Admission in…**: Corporate Debtor admitted into Corporate…

## 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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