# In the matter of Rai Ispat Private Limited

> NCLT judgment dated 2025-07-24. Citation: TCN-2025-NCLT-01148. The case involves an application filed under Section 54 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 24 Jul 2025
- **Citation:** TCN-2025-NCLT-01148
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/rai-ispat-private-limited-8df7694f

## Summary

### Background

The case involves an application filed under Section 54 of the Insolvency and Bankruptcy Code, 2016, by the liquidator of Rai Ispat Private Limited, seeking the dissolution of the corporate debtor.

## Facts

An application under Section 10 of the Insolvency and Bankruptcy Code, 2016, was filed by Rai Ispat Private Limited itself.

The Corporate Debtor was admitted into CIRP vide order dated 16.03.2022.

Interim Resolution Professional was appointed.

The Interim Resolution Professional received a claim of Rs.26,73,22,719.70/- from Shah Coal Private Limited, the sole financial creditor.

The Interim Resolution Professional constituted CoC with Shah Coal Private Limited having 100% voting rights.

A claim was received from operational creditor Moorgate Industries India Private Limited for Rs.12,51,80,263/-.

The CoC resolved for direct/early dissolution of the corporate debtor.

…

## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, Rai Ispat Private Limited, should …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, provides that where the assets of

…

**Reasoning:** The tribunal notes that the liquidator has filed the application, the final report, and

…

**Interpretation:** The tribunal interprets Section 54 to mean that if a corporate debtor has no

…

**Application:** Based on the averments and the documents presented, the tribunal applies

…

## Parties

- **Judges:** SANJIV…; RAVICHANDRAN…
- **Appellants:** M. Asir Raja…
- **Respondents:** Rai Ispat Private…; Shah Coal P…
- **Other parties:** Shah Coal Private…; Ms.Subramaniam…; +2 more
- **Advocates:** A.G. Sathyanarayan…

## Timeline

- **2022-03-16 — Admission in…**: Corporate debtor was admitted into…
- **2022-03-21 — Public Annou…**: The IRP made a public announcement in…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chennai/rai-ispat-private-limited-8df7694f