# In the matter of Accutime Logistic Private Limited

> NCLT judgment dated 2023-12-14. Citation: TCN-2023-NCLT-00241. The case involves an application, IA(IBC)/1452(KB)2023, filed under Section 54 of the…

- **Court:** NCLT
- **Order date:** 14 Dec 2023
- **Citation:** TCN-2023-NCLT-00241
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/accutime-logistic-private-limited-037a23ca

## Summary

### Background

The case involves an application, IA(IBC)/1452(KB)2023, filed under Section 54 of the Insolvency and Bankruptcy Code, 2016, and Regulation 14 of the IBBI (Liquidation Process) Regulations, 2016, by the Liquidator of Accutime Logistic Private Limited, the Corporate Debtor, seeking early dissolution. The Corporate Debtor underwent CIRP initiated on 2022-01-14, with Seikh Abdul Salam appointed as the Interim Resolution Professional (IRP). A liquidation order was passed on 2023-08-10, appointing the applicant as the Liquidator. Public announcement in Form B was made on 2023-02-24, inviting claims from stakeholders. The Stakeholders' Consultation Committee (SCC) was formed, including Bandhan Bank, Employee State Insurance Corporation (ESIC), and DNK Lorry Service. The

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## Facts

Accutime Logistic Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by an order dated 2022-01-14. Seikh Abdul Salam was appointed as the Interim Resolution Professional (IRP) and later as the Liquidator following a liquidation order on 2023-08-10. The primary asset of the Corporate Debtor was a three-storied building jointly owned with a sister concern, with only 2% officially mutated in the Corporate Debtor's name and mortgaged with LIC Housing Finance Limited (LIC HFL). A Stakeholders' Consultation Committee (SCC) was formed, including Bandhan Bank, Employee State Insurance Corporation (ESIC), and DNK Lorry Service. The SCC meetings revealed the lack of additional assets for liquidation. LIC HFL decided not to relinquish their

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## Issues and analysis

### Issue 1: Whether the application for early dissolution of the Corporate Debtor, Accutime Logistic Private …

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

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**Reasoning:** The Adjudicating Authority considered the Liquidator's report, which highlighted the lack

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**Interpretation:** Section 54 and Regulation 14 are interpreted to allow for the dissolution of a

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**Application:** In this case, the Corporate Debtor's primary asset was a jointly owned property

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## Parties

- **Judges:** BIDISHA BA…; ARVIND DEVA…
- **Respondents:** Accutime Logistic…
- **Advocates:** Udit Ag…; Abhimanyu…; +3 more

## Timeline

- **2022-01-14 — CIRP Init…**: Adjudicating authority ordered initiation…
- **2023-02-24 — Public Annou…**: Public announcement in Form…

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