# In the matter of Abhiraami Chemicals Limited

> NCLT judgment dated 2024-05-09. Citation: TCN-2024-NCLT-01388. The case pertains to the dissolution of Abhiraami Chemicals Limited under Section 54 of the…

- **Court:** NCLT
- **Order date:** 9 May 2024
- **Citation:** TCN-2024-NCLT-01388
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/abhiraami-chemicals-limited-97eb3158

## Summary

### Background

The case pertains to the dissolution of Abhiraami Chemicals Limited under Section 54 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated by the Tribunal on 2021-10-04. The applicant was appointed as Interim Resolution Professional (IRP) and later as Resolution Professional (RP). Liquidation was ordered on 2022-09-19. Public announcement was made on 2022-09-23, inviting claims from stakeholders with a deadline of 2022-10-20. The liquidator verified claims, prepared a list of stakeholders, and submitted a preliminary report. Intimation letters were sent to statutory authorities. A bank account was opened for the Corporate Debtor under liquidation. A Stakeholders Consultation Committee (SCC) was formed on

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## Facts

The Corporate Insolvency Resolution Process (CIRP) of Abhiraami Chemicals Limited was initiated on 2021-10-04. The applicant was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The liquidation of the Corporate Debtor was ordered on 2022-09-19. A public announcement was made on 2022-09-23, inviting claims from stakeholders with a deadline of 2022-10-20. The liquidator verified the claims and prepared a list of stakeholders. Intimation letters were sent to statutory authorities like ESI, PF, GST, and Income Tax authorities. A bank account was opened for the Corporate Debtor under liquidation. The Stakeholders Consultation Committee (SCC) was constituted on 2022-11-18. The Corporate Debtor's assets consisted of bank

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Abhiraami Chemicals Limited, should be dissolved under Section 54 of …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, provides for the dissolution of a

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**Reasoning:** The Tribunal observed that the Corporate Debtor has been completely liquidated. The

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**Interpretation:** Section 54 of the IBC is interpreted to mean that once the liquidation process

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**Application:** Given that Abhiraami Chemicals Limited has been completely liquidated, and the

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** M.Ala…
- **Respondents:** Abhiraami…

## Timeline

- **2021-10-04 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **2022-09-19 — Liquidation…**: Liquidation of the Corporate…

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