# In the matter of Deepsea Developers Private Limited

> NCLT judgment dated 2025-06-05. Citation: TCN-2025-NCLT-00930. The application is filed under Section 54 of the Insolvency and Bankruptcy Code, 2016 by the…

- **Court:** NCLT
- **Order date:** 5 Jun 2025
- **Citation:** TCN-2025-NCLT-00930
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/deepsea-developers-private-limited-e5207323

## Summary

### Background

The application is filed under Section 54 of the Insolvency and Bankruptcy Code, 2016 by the liquidator of the Corporate Debtor, seeking an order for the dissolution of the Corporate Debtor.

## Facts

CIRP was initiated against M/s. Deepsea Developers Private Limited on 18.03.2019.

Liquidation was ordered on 26.11.2019, and C Ramasubramaniam was appointed as the Liquidator.

The Liquidator made a public announcement in Form B, inviting claims.

The sole asset of the company, 55.80 acres of vacant land in Thoothukudi District, was sold through e-auction for Rs.72,88,641.

The total admitted claims amounted to Rs.21,12,39,831.74.

A partial distribution of Rs.63,02,013 was made to the secured financial creditor, City Union Bank Ltd., representing a recovery of approximately 2.98% of their total admitted claim.

Liquidation Bank Account was opened with City Union Bank and closed on 15.05.2024.

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## Issues and analysis

### Issue 1: Whether the assets of the corporate debtor have been completely liquidated as per Section 54 of the …

**Ratio:** Section 54(1) of the IBC, 2016 states that where the assets of the corporate debtor have

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**Reasoning:** The Tribunal observed that the Corporate Debtor has been completely liquidated and has no

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**Interpretation:** The provision requires complete liquidation of assets before dissolution can be

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**Application:** The Liquidator submitted that the sole asset was sold, and the proceeds were

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** C. Ramasubr…
- **Respondents:** M/s. Deepsea…
- **Other parties:** City Union Bank…
- **Advocates:** Sathiyanarayanan…

## Timeline

- **2019-03-18 — Initiation…**: Corporate Insolvency Resolution Process (CIRP)…
- **2019-11-26 — Liquidation…**: Liquidation was ordered, and C…

## 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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