# In the matter of SR Breweries Private Limited I.A. (IB) No. 08-CB-2021 connected with TP No. 107-CTB-2019 Arising out of CP (IB) No. 776-KB-2018

> NCLT judgment dated 2021-06-09. Citation: TCN-2021-NCLT-01993. The case involves an application filed by the Liquidator, Mr. Niraj Agrawal, under Section…

- **Court:** NCLT
- **Order date:** 9 Jun 2021
- **Citation:** TCN-2021-NCLT-01993
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sr-breweries-private-limited-ia-ib-no-08-cb-2021-connected-with-tp-no-107-ctb-20-17cabbcf

## Summary

### Background

The case involves an application filed by the Liquidator, Mr. Niraj Agrawal, under Section 54(1) of the Insolvency and Bankruptcy Code, 2016, read with IBBI (Liquidation Process) Regulations, 2016, seeking the closure of the Liquidation Process of the Corporate Debtor, S R Breweries Private Limited. The Corporate Insolvency Resolution Process (CIRP) had commenced against the Corporate Debtor on 03.12.2018, and Mr. Niraj Agarwal was appointed as the Interim Resolution Professional. The Corporate Debtor had no business operations since the commencement of CIRP, and its assets were sold by the bankers under the SARFAESI Act prior to the CIRP. The Resolution Professional did not receive any Expression of Interest or Resolution Plan, leading to the initiation of the

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## Facts

The Corporate Insolvency Resolution Process (CIRP) against S R Breweries Private Limited commenced on 03.12.2018. Niraj Agrawal was appointed as the Interim Resolution Professional. The Corporate Debtor had no business operations since the commencement of CIRP, and its assets were sold by the bankers under the SARFAESI Act before the CIRP. No Expression of Interest or Resolution Plan was received, leading to the initiation of Liquidation Process. The Adjudicating Authority initiated the Liquidation Process on 16.07.2019 and appointed the Resolution Professional as the Liquidator. The Liquidator made a public announcement inviting claims from stakeholders on 19.07.2019. Claims from five creditors were received, totaling Rs. 39,09,58,761.95/-, with Rs. 38,99,75,594.95/-

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## Issues and analysis

### Issue 1: Whether the application filed by the Liquidator under Section 54(1) of the Insolvency and …

**Ratio:** Section 54(1) of the Insolvency and Bankruptcy Code, 2016, read with IBBI (Liquidation

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**Reasoning:** The Adjudicating Authority considered the fact that the affairs of the Corporate Debtor

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**Interpretation:** Section 54(1) allows the Adjudicating Authority to dissolve a corporate debtor

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**Application:** In this case, the Liquidator demonstrated that the Corporate Debtor's assets

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## Parties

- **Judges:** Sucharit…; Satya Ranjan…
- **Appellants:** Niraj Ag…
- **Respondents:** M/s. S R Breweries…

## Timeline

- **2018-12-03 — Commencement…**: The Hon'ble Adjudicating Authority at Kolkata ordered the commencement of Corporate…
- **2019-07-16 — Initiation of…**: The Adjudicating Authority initiated the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54(1) — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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