# In the matter of Anish Trading and Mercantile Private Limited

> NCLT judgment dated 2024-01-05. Citation: TCN-2024-NCLT-03272. The case pertains to an application filed by the Liquidator seeking an order for the…

- **Court:** NCLT
- **Order date:** 5 Jan 2024
- **Citation:** TCN-2024-NCLT-03272
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/anish-trading-and-mercantile-private-limited-5eb41e12

## Summary

### Background

The case pertains to an application filed by the Liquidator seeking an order for the dissolution of the Corporate Debtor, Anish Trading and Mercantile Private Limited, under Section 54 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by Katyayan Mercantile and Trading Pvt. Ltd (Operational Creditor). An Interim Resolution Professional (IRP), Ms. Rajshree Padia, was appointed, who later served as the Resolution Professional. The Committee of Creditors (CoC) approved the resolution for liquidation. Mr. Anil Kashi Drolia was appointed as the liquidator.

## Facts

Katyayan Mercantile and Trading Pvt. Ltd. (Operational Creditor) filed a petition leading to the initiation of Corporate Insolvency Resolution Process (CIRP) against Anish Trading and Mercantile Private Limited (Corporate Debtor). Ms. Rajshree Padia was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (CoC) approved the resolution for liquidation with 100% votes. Mr. Anil Kashi Drolia was appointed as the liquidator. Several e-auction attempts were made to sell the assets of the Corporate Debtor. The first e-auction notice was published on 21.06.2022 with a reserve price of Rs. 5,77,000/-, but there was no response. The reserve price was revised to Rs. 5,19,000/- for the second e-auction.

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor under Section 54 of the Insolvency …

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

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**Reasoning:** The court considered the liquidator's report stating that the assets of the Corporate

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**Interpretation:** Section 54(1) mandates the liquidator to apply for dissolution once the assets

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**Application:** The liquidator's report confirmed the complete liquidation of assets and

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Respondents:** Anish Trading and…

## Timeline

- **2019-11-08 — Adjudicating Authority…**: The Adjudicating Authority passed an order directing the initiation of the Corporate…
- **2020-12-28 — CoC Meet…**: The Committee of Creditors (CoC) approved the resolution for liquidation of the Corporate…

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