# In the matter of ADDITRI TRADERS PRIVATE LIMITED

> NCLT judgment dated 2024-03-20. Citation: TCN-2024-NCLT-02018. The case involves a company petition filed under Section 54(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 20 Mar 2024
- **Citation:** TCN-2024-NCLT-02018
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/additri-traders-private-limited-b3ef930e

## Summary

### Background

The case involves a company petition filed under Section 54(1) of the Insolvency and Bankruptcy Code, 2016, by Additri Traders Private Limited to initiate voluntary liquidation proceedings. An application had previously been filed to initiate Corporate Insolvency Resolution Process (CIRP) against Additri Traders Private Limited by Katyayan Mercantile and Trading Private Limited, which was allowed on 2023-06-15. The Resolution Professional, Sachin Dharmendra Jain, was appointed. The second meeting of the Committee of Creditors (CoC) determined that the Corporate Debtor had no assets, leading to the application for dissolution under Section 54 of the Code. Public announcements were made, and the CoC was constituted with Latyaya Mercantile as the sole Operational

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## Facts

Additri Traders Private Limited filed a company petition under Section 54(1) of the Insolvency and Bankruptcy Code, 2016, seeking voluntary liquidation. Previously, Katyayan Mercantile and Trading Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Additri Traders Private Limited, which was allowed on 2023-06-15. Sachin Dharmendra Jain was appointed as the Resolution Professional. The CoC determined that Additri Traders Private Limited had no assets (movable or immovable), leading to the application for dissolution. Public announcements were made in newspapers on 2023-08-23, and the CoC was constituted with Latyaya Mercantile as the sole Operational Creditor. The 180-day CIRP period expired on 2024-02-18. The corporate debtor has no fixed

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Additri Traders Private Limited, deserves to be dissolved under …

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

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**Reasoning:** The court reasoned that the Corporate Debtor had no assets to liquidate, and the affairs

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**Interpretation:** Section 54 of the IBC is interpreted to mean that if a corporate debtor has no

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**Application:** The court applied the ratio to the facts of the case, noting that Additri

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## Parties

- **Judges:** SH. PRABHAT…; V.G. B…
- **Appellants:** MS KATYAYAN…
- **Respondents:** Additri Traders…

## Timeline

- **2023-06-15 — CIRP Init…**: Application to initiate Corporate Insolvency Resolution Process against Additri Traders…
- **2023-08-23 — Public Annou…**: Public announcement was made in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54(1) — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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