# In the matter of Abhishek Corporation Limited

> NCLT judgment dated 2025-02-04. Citation: TCN-2025-NCLT-00528. The case pertains to the liquidation of Abhishek Corporation Limited, initiated following a…

- **Court:** NCLT
- **Order date:** 4 Feb 2025
- **Citation:** TCN-2025-NCLT-00528
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/abhishek-corporation-limited-c9db73cc

## Summary

### Background

The case pertains to the liquidation of Abhishek Corporation Limited, initiated following a Corporate Insolvency Resolution Process (CIRP) that commenced on November 17, 2017. After the failure of resolution plans, liquidation was ordered on March 11, 2019. Several appeals and challenges to the liquidation order ensued, including interventions by the NCLAT and the Supreme Court, which ultimately reinstated the liquidation process. The liquidator, CA Kshitiz Gupta, took charge and proceeded with the sale of the Corporate Debtor as a going concern. The process involved multiple auction attempts, schemes of arrangement, and dealing with the impact of the Covid-19 pandemic. The corporate debtor was eventually sold to M/s Mahalaxmi Textile.

## Facts

The Corporate Insolvency Resolution Process (CIRP) for Abhishek Corporation Limited was initiated on 17.11.2017. Sandeep Singhal was appointed as the Interim Resolution Professional (IRP), later replaced by Sameer Kakar as the RP on 08.03.2018. Due to the absence of an approved resolution plan, the RP filed MA no. 887/2018 seeking liquidation, which was ordered on 11.03.2019. Ashish Mukund Chandak was initially appointed as the liquidator but failed to take charge, leading to the appointment of CA Kshitiz Gupta on 02.04.2019. Public announcements were made on 13.04.2019, inviting claims from stakeholders. An appeal against the liquidation order was filed by M/s ManiBhadra Polycot, which was allowed by NCLAT on 01.05.2019, temporarily reverting control to the RP. The

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## Issues and analysis

### Issue 1: Whether the liquidation process for Abhishek …

**Ratio:** Regulation 45(3)(a) of the Liquidation Regulations allows for the closure of the

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**Reasoning:** The Tribunal found that the Corporate Debtor had been successfully sold as a going

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**Interpretation:** Regulation 45(3)(a) provides a mechanism for formally concluding the

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**Application:** Given the successful sale of Abhishek Corporation Limited as a going concern,

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** CA Kshitiz…
- **Respondents:** Abhishek Corporati…; Karvir Nivasini…

## Timeline

- **2017-11-17 — Commencement…**: Corporate Insolvency Resolution Process (CIRP)…
- **2018-03-08 — Appointment…**: Mr. Sameer Kakar appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 53 — Distribution of assets](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-53)

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