# In the matter of Aesys Technologies Private Limited IA(IBC)-978(CHE)-2021 in IBA-20-2020

> NCLT judgment dated 2022-03-11. Citation: TCN-2022-NCLT-03773. The case involves an application filed under Section 60(5) r/w Section 54 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 11 Mar 2022
- **Citation:** TCN-2022-NCLT-03773
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aesys-technologies-private-limited-iaibc-978che-2021-in-iba-20-2020-188f7e77

## Summary

### Background

The case involves an application filed under Section 60(5) r/w Section 54 of the Insolvency and Bankruptcy Code, 2016, and Regulation 14 of IBBI (Liquidation Process) Regulation, 2016, and Rule 11 of NCLT Rules, 2016. The Corporate Applicant, Aesys Technologies India Private Limited, had previously filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of CIRP against them. An Interim Resolution Professional (IRP) was appointed. The IRP made a public announcement as per Section 15 of IBC, 2016. The Committee of Creditors (CoC) consisted of only one Operational Creditor, Aesys S.P.A., Italy, with a claim of Rs.1,39,12,542/-. The Income Tax Department (IT) and Registrar of Companies (RoC) were informed about the CIRP,

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## Facts

Aesys Technologies India Private Limited faced insolvency proceedings. An application was filed under Section 60(5) r/w Section 54 of the Insolvency and Bankruptcy Code, 2016. The Corporate Applicant had previously filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016. CIRP was initiated against the Corporate Applicant, and an Interim Resolution Professional (IRP), Mr. T.Sivagurunathan, was appointed. The IRP made a public announcement as per Section 15 of IBC, 2016. The Committee of Creditors (CoC) consisted of only one Operational Creditor, Aesys S.P.A., Italy, with a claim of Rs.1,39,12,542/-. The Income Tax Department (IT) and Registrar of Companies (RoC) were informed about the CIRP, but no claims were filed by them. The Corporate

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, Aesys Technologies India Private …

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

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**Reasoning:** The court reasoned that the Corporate Debtor had no realizable assets, as evidenced by

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**Interpretation:** Section 54 of the IBC, 2016, is interpreted to allow for the dissolution of a

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** (Retd.) S.…; Anil Ku…
- **Appellants:** T.Sivaguru…
- **Respondents:** Aesys Technologies…
- **Advocates:** Atul Sh…; Arjun Pad…

## Timeline

- **2021-03-30 — CIRP Init…**: CIRP was initiated against the Corporate…
- **2021-07-15 — CoC Meet…**: First meeting of the CoC held on 15.07.2021, where the committee considered that the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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