# In the matter of Tork Fasteners Private Limited IA No. 1560 of 2021 in C.P. (IB) No. 533-MB-2018

> NCLT judgment dated 2021-08-11. Citation: TCN-2021-NCLT-01378. The case pertains to an application for dissolution of Tork Fastners Private Limited, a…

- **Court:** NCLT
- **Order date:** 11 Aug 2021
- **Citation:** TCN-2021-NCLT-01378
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tork-fasteners-private-limited-ia-no-1560-of-2021-in-cp-ib-no-533-mb-2018-d6114c1b

## Summary

### Background

The case pertains to an application for dissolution of Tork Fastners Private Limited, a corporate debtor, under Section 54 of the Insolvency and Bankruptcy Code, 2016. An application for commencement of Corporate Insolvency Resolution Process (CIRP) was admitted on 22.07.2019, and Mr. Bharatiraju Vegiraju was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). Subsequently, the RP filed an application for liquidation, which was allowed on 29.10.2020. An application was filed to amend the Liquidation Application for substitution of the proposed Liquidator to Mr. Mukesh Khathuria, who is the current applicant. The liquidator submitted progress reports and a final report, stating that there were no assets at the

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## Facts

An application was filed for the dissolution of Tork Fastners Private Limited under Section 54 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated, and Mr. Bharatiraju Vegiraju was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Subsequently, an application for liquidation was filed and allowed. Mr. Mukesh Khathuria was appointed as the liquidator. The liquidator submitted progress reports and a final report, indicating that there were no assets at the factory site and no books of accounts available. The liquidator compiled information from the MCA website and made a public announcement regarding the commencement of the liquidation process. The

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Tork Fastners Private Limited, should be dissolved under Section 54 …

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

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**Reasoning:** The court examined the submissions and documents presented by the liquidator, noting that

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**Interpretation:** Section 54 of the IBC allows for the dissolution of a corporate debtor once its

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**Application:** The court applied Section 54 to the facts of the case, noting that the assets

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## Parties

- **Judges:** Shri. Bhaskara…; SHRI, NARENDER…
- **Appellants:** Mukesh Ka…
- **Respondents:** Tork Fastners…; CB Yashi…

## Timeline

- **2019-07-22 — CIRP Admi…**: Application for commencement of Corporate…
- **2020-10-29 — Liquidation…**: Application for liquidation of…

## 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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