# In the matter of Shashi Oils and Fats Pvt. Ltd. CA No. 143 of 2021 in CP(IB) No. 143-ALD-2017

> NCLT judgment dated 2021-07-15. Citation: TCN-2021-NCLT-01744. The application was filed by the Liquidator of Shashi Oils and Fats Pvt. Ltd. under Section 54…

- **Court:** NCLT
- **Order date:** 15 Jul 2021
- **Citation:** TCN-2021-NCLT-01744
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shashi-oils-and-fats-pvt-ltd-ca-no-143-of-2021-in-cpib-no-143-ald-2017-71034a15

## Summary

### Background

The application was filed by the Liquidator of Shashi Oils and Fats Pvt. Ltd. under Section 54 of IBC, 2016, seeking dissolution of the Corporate Debtor. The Adjudicating Authority had previously passed an order for liquidation of the Corporate Debtor on 21.01.2020, and the applicant complied with Section 33 IBC by making a public announcement on 25.01.2020. The applicant also informed the ROC, Kanpur, and various statutory authorities about the initiation of the liquidation proceedings.

## Facts

The Liquidator of Shashi Oils and Fats Pvt. Ltd. filed an application seeking dissolution of the Corporate Debtor under Section 54 of IBC, 2016. An order for liquidation was previously passed on 21.01.2020. A public announcement was made on 25.01.2020. ASREC (India) Ltd., the sole secured creditor, submitted a claim of Rs. 49,61,07,301/-. An OTS proposal failed, and ASREC informed they would proceed for recovery. The applicant received communication from the Financial Creditor regarding relinquishing their security interest. A claim from an unsecured Operational Creditor, Mr. Sanjay Agarwal, was received. A stakeholders Consultation Committee (SCC) was formed. The assets were put to e-auction with a reserve price of Rs.3.75 Crores. HAS Traders was declared the

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## Issues and analysis

### Issue 1: Whether the company, Shashi Oils & Fats Pvt. Ltd, should be dissolved under Section 54 of the …

**Ratio:** Section 54 of the IBC, 2016, allows the Adjudicating Authority to order the dissolution

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**Reasoning:** The tribunal observed that the company had been completely wound up and its assets had

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**Interpretation:** Section 54 of IBC provides a mechanism for formally dissolving a company after

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**Application:** Given that the liquidator had completed all necessary steps, including asset

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## Parties

- **Judges:** Rajesh Daya…
- **Appellants:** ASREC (Indi…
- **Respondents:** M/s Shashi Oils…

## Timeline

- **2020-01-21 — Liquidation…**: Adjudicating Authority passed an order for…
- **2020-01-25 — Public Annou…**: Public announcement made in…

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