# In the matter of ANTONY PROJECTS PRIVATE LIMITED

> NCLT judgment dated 2024-04-10. Citation: TCN-2024-NCLT-01757. The application was filed under Section 54(1) of the Insolvency and Bankruptcy Code, 2016, by…

- **Court:** NCLT
- **Order date:** 10 Apr 2024
- **Citation:** TCN-2024-NCLT-01757
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/antony-projects-private-limited-6101b92a

## Summary

### Background

The application was filed under Section 54(1) of the Insolvency and Bankruptcy Code, 2016, by the Liquidator seeking an order for the dissolution of M/s. Antony Projects Private Limited, whose CIRP was initiated on 15.11.2017. Liquidation was ordered on 22.01.2019. An erstwhile liquidator was replaced by the current applicant. Public announcement was made on 30.01.2019. Seven claims were received, with five admitted and two rejected.

## Facts

The Corporate Debtor, M/s. Antony Projects Private Limited, underwent CIRP initiated on 15.11.2017, followed by a liquidation order on 22.01.2019. M. Ramaji Mahadevan was appointed as the liquidator, replacing an earlier liquidator. A public announcement was made on 30.01.2019, with a claim submission deadline of 22.02.2019. Seven claims were received, with five admitted and two rejected. The company had no cash balance, and no liquidation account was opened. Two registered valuers assessed the liquidation estate at approximately Rs.84,00,000/- and Rs.89,37,000/-. Project Rejoice was sold for Rs.8,08,26,790/-. Project Le-Nid's development rights were owned by the Corporate Debtor, but construction was owned by a third party. The liquidation cost was Rs.4,47,038/-, paid

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Antony Projects Private Limited, should be dissolved under …

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

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**Reasoning:** The tribunal observed that the Corporate Debtor's assets had been completely liquidated,

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**Interpretation:** Section 54 provides a mechanism for formally concluding the insolvency process

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**Application:** Since the Corporate Debtor's assets were fully liquidated, and the liquidator

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** M. RAMAJI…
- **Respondents:** Antony Projects…

## Timeline

- **2017-11-15 — CIRP Init…**: CIRP initiated for Antony…
- **2019-01-22 — Liquidation…**: Liquidation of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54(1) — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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