# In the matter of VNM Components Private Limited IA-1262-ND-2021 
in Company Petition No. (IB)-36(ND)2018

> NCLT judgment dated 2021-11-12. Citation: TCN-2021-NCLT-00516. The application IA-1262/ND/2021 was filed by Ms. Jayashree Shukla Dasgupta, the Liquidator of…

- **Court:** NCLT
- **Order date:** 12 Nov 2021
- **Citation:** TCN-2021-NCLT-00516
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vnm-components-private-limited-ia-1262-nd-2021-in-company-petition-no-ib-36nd201-6762262b

## Summary

### Background

The application IA-1262/ND/2021 was filed by Ms. Jayashree Shukla Dasgupta, the Liquidator of M/s VNM Components Private Limited, under Section 54 of the Insolvency and Bankruptcy Code, 2016, seeking the dissolution of the Corporate Debtor. The Corporate Debtor, M/s VNM Components Private Limited, had filed an application bearing no. IB-36(ND)/2018 under Section 10 of IBC 2016 for initiation of CIR Process against itself. The Adjudicating Authority initiated the CIR Process against the Corporate Debtor on 07.02.2018 and appointed Ms. Jayashree Shukla Dasgupta as the Interim Resolution Professional. The liquidation process was initiated on 27.07.2018, and the Applicant was appointed as the Liquidator on 09.08.2018.

## Facts

M/s VNM Components Private Limited (Corporate Debtor) initiated Corporate Insolvency Resolution Process (CIRP) by filing an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was initiated on 07.02.2018, and Ms. Jayashree Shukla Dasgupta was appointed as the Interim Resolution Professional (IRP). Subsequently, the liquidation process commenced on 27.07.2018, and Ms. Dasgupta was appointed as the Liquidator on 09.08.2018. The Liquidator filed a Preliminary Report on 10.10.2018, along with an Asset Memorandum, reporting the formation of the Liquidation Estate. A total realization of Rs.92,80,086/- was made against the Liquidation value of Rs.1,22,37,000/-, which was distributed to the Financial Creditor and Operational Creditors,

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## Issues and analysis

### Issue 1: Whether the assets of the Corporate Debtor have been completely liquidated as required under …

**Ratio:** Section 54 of IBC, 2016 stipulates that where the assets of the corporate debtor have

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**Reasoning:** The court observed that the Liquidator had furnished the Final Report and Form-H, and the

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**Interpretation:** Section 54 of IBC mandates complete liquidation of assets as a prerequisite for

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**Application:** In this case, the Liquidator's report and financial statements demonstrated

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; L. N. G…
- **Respondents:** M/s VNM Components…

## Timeline

- **2018-02-07 — CIRP Init…**: Adjudicating Authority initiated the CIR…
- **2018-07-27 — Liquidation Process…**: Liquidation process of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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