# In the matter of ANG Industries Limited I.A- 1583-ND-2022 in CP(IB)-292-ND-2017

> NCLT judgment dated 2023-04-26. Citation: TCN-2023-NCLT-03619. The case involves an application for the dissolution of ANG Industries Limited, a Corporate…

- **Court:** NCLT
- **Order date:** 26 Apr 2023
- **Citation:** TCN-2023-NCLT-03619
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ang-industries-limited-ia-1583-nd-2022-in-cpib-292-nd-2017-a6c2f23f

## Summary

### Background

The case involves an application for the dissolution of ANG Industries Limited, a Corporate Debtor, under Section 54 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against ANG Industries Limited in 2017. An IRP was appointed, but no resolution plan was received. Subsequently, the Corporate Debtor was ordered to be liquidated in 2018. A liquidator was appointed in 2019. The liquidator took steps to liquidate the assets of the Corporate Debtor, including conducting e-auctions. The liquidator also addressed claims from creditors and statutory authorities. The liquidator sought permission to retain funds for pending CIRP costs and other contingencies.

## Facts

An application was filed under Section 10 of the IBC, 2016 to initiate Corporate Insolvency Resolution Process of the Corporate Debtor i.e. M/s ANG Industries Limited. The application was admitted, and Mr. Ilam Chand Kamboj was appointed as the IRP. The IRP invited claims and issued an invitation for Expression of Interest for submitting Resolution Plan. However, no Resolution Plan was received. The Corporate Debtor was ordered to be liquidated. Mr. Ankit Kishore Sinha was appointed as the Liquidator. The Liquidator made a public announcement. The Liquidator issued intimation letters to Company's management and erstwhile Resolution Professional Mr. Ilam Kamboj regarding commencement of Liquidation of Corporate Debtor. The Liquidator conducted meetings with the

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## Issues and analysis

### Issue 1: Whether the assets of the Corporate Debtor have been completely liquidated as required under …

**Ratio:** Section 54 of the IBC, 2016, allows the Adjudicating Authority to order the dissolution

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**Reasoning:** The tribunal considered the Liquidator's Final Report and Form-H, which indicated that

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**Interpretation:** The provision requires a thorough assessment of the liquidation process to

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**Application:** The tribunal relied on the Liquidator's report and compliance certificate to

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## Parties

- **Judges:** RAHUL BHA…; P.S.N. P…
- **Respondents:** ANG Industries…

## Timeline

- **2017-01-01 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **2017-08-31 — IRP Appoi…**: Mr. Ilam Chand Kamboj…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 36 — Liquidation estate](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-36)

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