# 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-00767. This case involves an application filed under section 54(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 8 Oct 2021
- **Citation:** TCN-2021-NCLT-00767
- **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-2017-414042bb

## Summary

### Background

This case involves 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, appointing Mr. Jitendra Lohia as the Liquidator. Public announcement of the liquidation was made on 18.11.2018. The applicant appointed two

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## Facts

Ramsarup Vyapaar Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated 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) resolved 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 liquidation was made on 18.11.2018. Two valuers, Adroit Technical Services Pvt. Ltd. and Dutta Sarkar & Company, were appointed on 21.06.2018 and 22.06.2018, respectively, to value the assets. Four e-auctions were conducted, with the first announced on 07.02.2019. Prompt Sales Private Limited emerged as the highest

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## Issues and analysis

### Issue 1: Whether the affairs of the Corporate Debtor were completely liquidated after realizing the assets …

**Ratio:** Section 53 of the Insolvency and Bankruptcy Code, 2016, mandates the order of priority

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**Reasoning:** The court relied on the final report and the documents annexed to the application, which

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**Interpretation:** Section 53 provides a waterfall mechanism for the distribution of assets during

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**Application:** The court applied the principle of Section 53 to the facts presented in the

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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.…**: The case was registered as…
- **2018-05-17 — Admission in…**: The Adjudicating Authority admitted the Corporate Debtor into Corporate Insolvency…

## 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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