# In the matter of Shiv Shankar Solvent Extractions Pvt. Ltd. IA (IB) No. 01-CTB-2021 Connected with CP (IB) No. 85-CTB-2019

> NCLT judgment dated 2021-07-26. Citation: TCN-2021-NCLT-01610. The application was filed by the liquidator, Mr. Pankaj Khaitan, under Section 54 of the…

- **Court:** NCLT
- **Order date:** 26 Jul 2021
- **Citation:** TCN-2021-NCLT-01610
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shiv-shankar-solvent-extractions-pvt-ltd-ia-ib-no-01-ctb-2021-connected-with-cp-770b7853

## Summary

### Background

The application was filed by the liquidator, Mr. Pankaj Khaitan, under Section 54 of the Insolvency and Bankruptcy Code, 2016 and Regulation 45 of IBBI (Liquidation Process) Regulations, 2016 for the dissolution of the Corporate Debtor, Shiv Shankar Solvent Extractions (P) Ltd. The Tribunal, on September 4, 2019, admitted the petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, and appointed Shri Pankaj Khetan as Interim Resolution Professional (IRP/RP). The IRP/RP published Form A in the newspapers on September 6, 2019, and received, considered, and admitted claims. The IRP constituted the Committee of Creditors (COC) on September 25, 2019, with Punjab National Bank as the sole member. The first meeting of the COC was held on October 1, 2019, where

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## Facts

The liquidator, Mr. Pankaj Khaitan, filed an application for the dissolution of Shiv Shankar Solvent Extractions (P) Ltd., the Corporate Debtor, under Section 54 of the Insolvency and Bankruptcy Code, 2016, and Regulation 45 of IBBI (Liquidation Process) Regulations, 2016. The Tribunal had admitted the petition under Section 7 of the IBC on September 4, 2019, and appointed Mr. Pankaj Khetan as Interim Resolution Professional (IRP). The IRP published Form A and constituted a Committee of Creditors (COC) with Punjab National Bank as the sole member. The COC decided to liquidate the Corporate Debtor due to the inability to sell it as a going concern and the inadequacy of assets to meet CIRP costs. The RP appointed valuers, filed a liquidation application, and obtained a

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## Issues and analysis

### Issue 1: Whether the liquidator has complied with all the necessary requirements under the Insolvency and …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 45 of the

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**Reasoning:** The court observed that the liquidator had completed the sale of the Corporate Debtor's

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**Interpretation:** The legal principle is that upon completion of the liquidation process, the

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**Application:** In this case, the liquidator followed the prescribed procedures by selling the

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## Parties

- **Judges:** Rajasekha…; Satya Ranjan…
- **Appellants:** Pankaj Kh…
- **Respondents:** Shiv Shankar…
- **Advocates:** Arbinda A…

## Timeline

- **2019-09-04 — Admission of…**: The Tribunal admitted the petition under Section 7 of the Insolvency and Bankruptcy Code,…
- **2019-09-04 — Appointment…**: Shri Pankaj Khetan was appointed as…

## 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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