# In the matter of Vishal Global Ltd. CA.540-ND-2018, IB-988-ND-2018

> NCLT judgment dated 2020-01-27. Citation: TCN-2020-NCLT-02173. The case involves an application (CA No. 540/ND/2019) for the early resolution of the Corporate…

- **Court:** NCLT
- **Order date:** 27 Jan 2020
- **Citation:** TCN-2020-NCLT-02173
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vishal-global-ltd-ca540-nd-2018-ib-988-nd-2018-1fdc3e45

## Summary

### Background

The case involves an application (CA No. 540/ND/2019) for the early resolution of the Corporate Debtor. The liquidation of the Corporate Debtor's assets was previously directed by an order dated July 8, 2019. The liquidator's counsel submitted that the company has no assets to be liquidated, although they received a claim from the Income Tax Department during the liquidation process.

## Facts

The application CA No. 540/ND/2019 was filed for the early resolution of the Corporate Debtor. An earlier order directed the liquidation of the Corporate Debtor's assets, dated July 8, 2019. The liquidator's counsel stated that the company has no assets to be liquidated, despite receiving a claim from the Income Tax Department during liquidation. The Corporate Debtor has not been in operation for the last 15 years, and no financial statements or audited balance sheets are available. The liquidator's prayer was annexed with an affidavit from the liquidator, Mr. Ashish Singh.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be dissolved given the absence of assets for liquidation and …

**Ratio:** A corporate debtor can be dissolved if it has no assets for liquidation and has ceased

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**Reasoning:** The court reasoned that since the Corporate Debtor had no assets to be liquidated and had

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**Interpretation:** The interpretation of the law allows for the dissolution of a corporate entity

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**Application:** Given the facts that the Corporate Debtor had no assets and had not been in

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## Parties

- **Judges:** MS INA MA…; HEMANT KUMAR…
- **Appellants:** Naveen Ma…
- **Respondents:** Vishal Glob…

## Timeline

- **2019-07-08 — Order for Liq…**: An order was issued directing the liquidation…
- **2020-01-27 — Order Del…**: The order for the disposal of CA No. 540/ND/2019 was delivered, directing the dissolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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