# In the matter of Adyama Rice Mill Private Limited I.A. (IB) No. 182-KB-2022 in C.P (IB) No. 109-KB-2019

> NCLT judgment dated 2022-04-26. Citation: TCN-2022-NCLT-03063. The case pertains to the dissolution of Adyama Rice Mill Private Limited, a corporate debtor,…

- **Court:** NCLT
- **Order date:** 26 Apr 2022
- **Citation:** TCN-2022-NCLT-03063
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/adyama-rice-mill-private-limited-ia-ib-no-182-kb-2022-in-cp-ib-no-109-kb-2019-0c5729ee

## Summary

### Background

The case pertains to the dissolution of Adyama Rice Mill Private Limited, a corporate debtor, under the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated, and subsequently, liquidation was ordered as no resolution plan was received. Ashok Kumar Agarwal was appointed as the liquidator. The liquidator filed an application for the dissolution of the corporate debtor after completing the liquidation process.

## Facts

The Adjudicating Authority initiated Corporate Insolvency Resolution Process (CIRP) against Adyama Rice Mill Private Limited on August 6, 2019, due to its inability to repay its debts. Mr. Balaknath Bhattacharyya was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. However, no resolution plan was received during the CIRP period. Consequently, on February 3, 2020, the Adjudicating Authority ordered the liquidation of the Corporate Debtor. Mr. Ashok Kumar Agarwal was appointed as the liquidator on February 25, 2020. The liquidator made a public announcement on March 22, 2020, inviting claims from stakeholders. The liquidator opened a new bank account for the Corporate Debtor in Liquidation. The liquidator received

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## Issues and analysis

### Issue 1: Whether the affairs of the Corporate Debtor have been completely wound up and its assets have been …

**Ratio:** The principle is that once the assets of a corporate debtor have been completely

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**Reasoning:** The court relied on the liquidator's report and the bank statements, which indicated that

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**Interpretation:** This issue involves the interpretation of the provisions of the Insolvency and

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**Application:** In this case, the liquidator demonstrated that all assets were liquidated,

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Respondents:** Adyama Rice Mill…

## Timeline

- **2019-08-06 — CIRP Init…**: The Adjudicating Authority admitted the Corporate Debtor under Corporate Insolvency…
- **2020-02-03 — Liquidation…**: The Adjudicating Authority passed an order…

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