# In the matter of Aqua Infotech Pvt. Ltd.

> NCLT judgment dated 2023-10-27. Citation: TCN-2023-NCLT-01008. The case involves an application under Section 54 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 27 Oct 2023
- **Citation:** TCN-2023-NCLT-01008
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aqua-infotech-pvt-ltd-a5f91e05

## Summary

### Background

The case involves an application under Section 54 of the Insolvency and Bankruptcy Code, 2016, seeking the dissolution of Aqua Infotech Pvt. Ltd., the Corporate Debtor. The CIRP was initiated against the Corporate Debtor on 2020-01-03, and Mr. Bhavesh Rathod was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. However, no prospective resolution applicant came forward during the CIRP period, leading to the filing of an application for liquidation.

## Facts

The application was filed under Section 54 of the Insolvency and Bankruptcy Code, 2016, for the dissolution of the Corporate Debtor, Aqua Infotech Pvt. Ltd. The CIRP was initiated on 2020-01-03. Mr. Bhavesh Rathod was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. No prospective resolution applicant came forward during the CIRP period. The CoC approved the filing of a liquidation application on 2021-02-15. The bench ordered liquidation on 2022-03-25. The liquidator published a public announcement. The liquidator informed the stakeholders that the Corporate Debtor does not have any substantial asset and bank balance. The stakeholders agreed to put the Corporate Debtor in early dissolution. The liquidator filed an

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, Aqua Infotech Pvt. Ltd., under …

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

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**Reasoning:** The court considered the submissions of the liquidator, stating that no assets were

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**Interpretation:** Section 54 provides the legal basis for dissolving a corporate debtor after its

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**Application:** The court applied Section 54 to the facts of the case, noting that the

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Instriker Online…
- **Respondents:** Aqua Infotech…

## Timeline

- **2020-01-03 — CIRP Init…**: The Adjudicating Authority directed initiation of the Corporate Insolvency Resolution…
- **2021-02-15 — CoC Approval for…**: COC in its meeting held on 15.02.2021 unanimously approved to file an application for…

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