# In the matter of Adhils Builders and Developers Pvt. Ltd.

> NCLT judgment dated 2023-10-03. Citation: TCN-2023-NCLT-01426. The case involves an application filed by the Liquidator of Adhils Builders and Developers Pvt…

- **Court:** NCLT
- **Order date:** 3 Oct 2023
- **Citation:** TCN-2023-NCLT-01426
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/adhils-builders-and-developers-pvt-ltd-82226166

## Summary

### Background

The case involves an application filed by the Liquidator of Adhils Builders and Developers Pvt Ltd, the Corporate Debtor, seeking dissolution of the Corporate Debtor. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 2019-11-28, and subsequently put into liquidation on 2020-08-28. The liquidation process commenced on 2020-09-07 and ended on 2023-08-05, with extensions due to COVID-19 and unsuccessful sale attempts. The liquidator was appointed and carried out a public announcement. The Stakeholder's Consultation Committee (SCC) was formed with State Bank of India and Daimler Financial Services Pvt Ltd as members.

## Facts

Adhils Builders and Developers Pvt Ltd was admitted into Corporate Insolvency Resolution Process (CIRP) on 2019-11-28 and subsequently put into liquidation on 2020-08-28. The liquidation commenced on 2020-09-07 and ended on 2023-08-05, with extensions due to COVID-19 and unsuccessful sale attempts. The liquidator carried out a public announcement, and the Stakeholder's Consultation Committee (SCC) was formed with State Bank of India and Daimler Financial Services Pvt Ltd. Registered Valuers were appointed on 2020-09-15, assessing the fair value at Rs. 226.83 Lakhs and liquidation value at Rs. 106.90 Lakhs. The liquidation assets included inventory items, an Eicher mini-Lorry, a Benz Car CLA 200 CD, and receivables. Inventory items remained unsold and were treated as

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## Issues and analysis

### Issue 1: Whether the assets of the Corporate Debtor have …

**Ratio:** Section 54(1) of The Insolvency and Bankruptcy Code, 2016 states that where the assets of

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**Reasoning:** The court observed that the assets of the Corporate Debtor have been completely

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**Interpretation:** This section provides the legal basis for initiating the dissolution process

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**Application:** The court applied this principle to the case, noting that the assets of Adhils

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## Parties

- **Judges:** TMT. (Retd.)…; Shri. Shyam Babu…
- **Appellants:** Dileep…
- **Respondents:** ADHILS BUILDERS…

## Timeline

- **2019-11-28 — Admission in…**: Corporate Debtor was admitted to…
- **2020-08-28 — Liquidation…**: Tribunal ordered liquidation…

## Legal provisions

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

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