# In the matter of Zeel Global Projects Private Limited MA 950-2018 In C.P.(IB)-248-2017

> NCLT judgment dated 2018-12-31. Citation: TCN-2018-NCLT-00005. The case involves an application submitted by the Resolution Professional on 2018-08-28 seeking…

- **Court:** NCLT
- **Order date:** 31 Dec 2018
- **Citation:** TCN-2018-NCLT-00005
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/zeel-global-projects-private-limited-ma-950-2018-in-cpib-248-2017-17351f42

## Summary

### Background

The case involves an application submitted by the Resolution Professional on 2018-08-28 seeking an order under Section 54 of the Insolvency and Bankruptcy Code (IBC) for the dissolution of the Corporate Debtor, Zeel Global Projects Private Limited. The application is based on the fact that the Corporate Debtor has no assets for liquidation to satisfy the outstanding debt. An order was previously passed on 2017-04-27 admitting a petition under Section 9 of the I&B Code filed by the Operational Creditor, Arvind Gawada, and appointing a Resolution Professional. Consequently, a moratorium was pronounced under Section 14 of the Code.

## Facts

Arvind Gawada, an Operational Creditor, filed a petition against Zeel Global Projects Private Limited, the Corporate Debtor. The petition was admitted on 2017-04-27, and a Resolution Professional, Mr. Milind Kosadekar, was appointed. A moratorium was declared. The Resolution Professional constituted a Committee of Creditors. The Resolution Professional reported that the Corporate Debtor had no assets for liquidation to satisfy the outstanding debt. The Committee of Creditors approved for liquidation. An order under Section 33(2) was passed on 2018-05-07, allowing the Debtor Company to be liquidated. The Resolution Professional contacted other creditors, but only two banks, Central Bank of India and Bank of Maharashtra, lodged their claims. The company's liabilities as

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Zeel Global Projects Private Limited, should be dissolved under …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code (IBC) stipulates that when the assets of

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**Reasoning:** The court reasons that since the Resolution Professional has reported that the Corporate

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**Interpretation:** Section 54 is interpreted to mean that if a corporate debtor has no assets that

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**Application:** The court applies Section 54 to the specific facts of the case, noting that the

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Arvind G…
- **Respondents:** Zeel Global…

## Timeline

- **2017-04-04 — Form No.5 R…**: Form No.5 received from an 'Operational Creditor' viz. Mr. Arvind Gawada against the…
- **2017-04-27 — Order Pa…**: An Order was passed admitting the Petition u/s.9 of The I&B Code by appointing a…

## 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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