# In the matter of Sabre Helmets Private Limited 
IA No. 2193-MB-2020 in C.P. (IB) No. 1333-MB-2018

> NCLT judgment dated 2021-05-31. Citation: TCN-2021-NCLT-02058. The case involves an application by the Liquidator of Sabre Helmets Private Limited (Corporate…

- **Court:** NCLT
- **Order date:** 31 May 2021
- **Citation:** TCN-2021-NCLT-02058
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sabre-helmets-private-limited-ia-no-2193-mb-2020-in-cp-ib-no-1333-mb-2018-79f44a6f

## Summary

### Background

The case involves an application by the Liquidator of Sabre Helmets Private Limited (Corporate Debtor) under Sections 54 and 60 (5) of the Insolvency & Bankruptcy Code, 2016, seeking dissolution of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following a Company Petition under Section 9 of the Code. The CIRP was admitted on 22.02.2019, and an Interim Resolution Professional (IRP) was appointed. Public announcements were made, and claims were received from creditors. The Committee of Creditors (CoC) was formed and confirmed the IRP as the Resolution Professional (RP).

## Facts

The Corporate Debtor, Sabre Helmets Private Limited, faced Corporate Insolvency Resolution Process (CIRP) initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016. The CIRP was admitted on 22.02.2019, leading to the appointment of an Interim Resolution Professional (IRP). Public announcements were made to invite claims from creditors. The IRP constituted a Committee of Creditors (CoC). However, the Corporate Debtor had no fixed assets, inventory, or stock, and its operations had been discontinued since FY 2014-2015. The CoC resolved to liquidate the Corporate Debtor. The RP filed an application for liquidation, which was allowed, and a liquidator was appointed. The liquidator did not constitute a Stakeholders Consultation Committee (SCC) due to the absence

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Sabre Helmets Private Limited, should be dissolved given the absence …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, allows for the dissolution of a

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**Reasoning:** The Tribunal noted that the Corporate Debtor had no assets to liquidate and that its

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**Interpretation:** Section 54 and Regulation 14 provide a mechanism for dissolving a corporate

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**Application:** In this case, the Corporate Debtor had no assets, and the liquidation process

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## Parties

- **Judges:** Janab Mohammed…; V. Nallasen…
- **Appellants:** Mukesh Kha…
- **Respondents:** Sabre Helmets…; Machhar Polymer…

## Timeline

- **2019-02-22 — CIRP Admi…**: The Company Petition seeking Corporate Insolvency Resolution Process (CIRP) of the…
- **2019-03-03 — Public Annou…**: The Interim Resolution Professional (IRP) published a public announcement inviting claims…

## 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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