# In the matter of Shashi Oils and Fats Pvt. Ltd..CA No. 143 of 2021 in CP (IB) No. 140-ALD-2017

> NCLT judgment dated 2021-07-15. Citation: TCN-2021-NCLT-01747. The case involves an application filed by the Liquidator for Shashi Oils and Fats Pvt. Ltd.…

- **Court:** NCLT
- **Order date:** 15 Jul 2021
- **Citation:** TCN-2021-NCLT-01747
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shashi-oils-and-fats-pvt-ltdca-no-143-of-2021-in-cp-ib-no-140-ald-2017-a00603db

## Summary

### Background

The case involves an application filed by the Liquidator for Shashi Oils and Fats Pvt. Ltd. under Section 54 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the dissolution of the Corporate Debtor. The Adjudicating Authority had previously passed an order for the liquidation of the Corporate Debtor on 21.01.2020, following which a public announcement was made. The applicant also informed the ROC, Kanpur, and various statutory authorities about the initiation of the liquidation proceedings. A sole secured creditor, ASREC (India) Ltd., had submitted a proposal for a One-Time Settlement (OTS), which later failed. The applicant received claims from both secured and unsecured creditors, formed a stakeholders Consultation Committee (SCC), and proceeded with the

…

## Facts

On 21.01.2020, the Adjudicating Authority ordered the liquidation of Shashi Oils and Fats Pvt. Ltd. Following this, a public announcement was made on 25.01.2020. ASREC (India) Ltd., the sole secured creditor, initially proposed a One-Time Settlement (OTS), but this proposal failed. The liquidator received claims from both secured and unsecured creditors, including Mr. Sanjay Agarwal, an unsecured Operational Creditor. A stakeholders Consultation Committee (SCC) was formed within 60 days of the liquidation commencement date. The first meeting of the SCC was held on 11.08.2020, where it was decided to put the Corporate Debtor's assets up for e-auction at a reserve price of Rs. 3.75 Crores. HAS Traders emerged as the successful bidder with a bid of Rs. 3.758 crores. A

…

## Issues and analysis

### Issue 1: Whether the company has been completely wound up …

**Ratio:** The Tribunal observed that the company has been completely wound up and its assets have

…

**Reasoning:** The Tribunal reached this conclusion after hearing the learned counsel for the

…

**Interpretation:** This implies that all necessary steps in the liquidation process, including

…

**Application:** Based on the evidence presented, the Tribunal determined that the liquidation

…

## Parties

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

## Timeline

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

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/shashi-oils-and-fats-pvt-ltdca-no-143-of-2021-in-cp-ib-no-140-ald-2017-a00603db