# In the matter of A School India Private Limited

> NCLT judgment dated 2024-05-31. Citation: TCN-2024-NCLT-01265. The application IA (IBC)/2125 (CHE)/2023 was filed under Section 54 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 31 May 2024
- **Citation:** TCN-2024-NCLT-01265
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/a-school-india-private-limited-637cb703

## Summary

### Background

The application IA (IBC)/2125 (CHE)/2023 was filed under Section 54 of the Insolvency and Bankruptcy Code, 2016, by the liquidator of the Corporate Debtor, M/s. A School India Private Limited (In Liquidation), seeking dissolution. The CIRP was initiated on 2019-11-08, with Mr. S R Krishnan initially appointed as Interim Resolution Professional (IRP), followed by Mr. L V Shyam Sundar as Resolution Professional (RP). Liquidation was ordered on 2022-04-25. The liquidator sought orders for the dissolution of the company under liquidation, directions to the CoC for payment of outstanding professional fees, and other necessary reliefs.

## Facts

The Corporate Debtor, M/s. A School India Private Limited (In Liquidation), underwent CIRP initiated on 2019-11-08. Mr. S R Krishnan was appointed as IRP, followed by Mr. L V Shyam Sundar as RP. Liquidation was ordered on 2022-04-25, and the applicant was appointed as the liquidator. The liquidator filed an application under Section 54 of the IBC, 2016, seeking dissolution. The company had no business operations or office setup. The liquidator faced non-cooperation from CoC members and a lack of assets to cover liquidation expenses. The liquidator used his personal bank account for the liquidation process due to the unavailability of KYC and PAN for the CD's account. The valuation report disclosed that the Fair Value and Liquidation Value of the CD were Nil because the

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. A School India Private Limited (In Liquidation), should be …

**Ratio:** Section 54 of the IBC, 2016, provides for the dissolution of a corporate debtor after the

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**Reasoning:** The Tribunal considered the averments made in the application, the final report, and the

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**Interpretation:** Section 54 of the IBC allows for the dissolution of a corporate debtor when the

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**Application:** In this case, the Corporate Debtor had no assets or cash balance, and the

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** SHRI. BHA…
- **Respondents:** M/s. A School…
- **Advocates:** MrSarath…

## Timeline

- **2019-11-08 — CIRP Init…**: CIRP of the Corporate Debtor…
- **2020-01-21 — RP Appoin…**: Mr. L V Shyam Sundar was appointed as Resolution Professional (RP) based on the decision…

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