# In the matter of Arm Winsys Tech Private Limited

> NCLT judgment dated 2024-07-11. Citation: TCN-2024-NCLT-01026. The application, I.A. No. 463/2023 in CP(IB) 376/ALD/2019, was filed for the dissolution of the…

- **Court:** NCLT
- **Order date:** 11 Jul 2024
- **Citation:** TCN-2024-NCLT-01026
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/arm-winsys-tech-private-limited-891ae4ab

## Summary

### Background

The application, I.A. No. 463/2023 in CP(IB) 376/ALD/2019, was filed for the dissolution of the Corporate Debtor, Arm Winsys Tech Private Limited, under Section 54 of the Insolvency & Bankruptcy Code, 2016 (IBC). The CIRP was initiated under section 9 of IBC and admitted on 28.01.2021, with Mr. Deepak Kumar Garg appointed as IRP. The CoC resolved on 14.06.2021 to liquidate the Corporate Debtor. An order was passed on 16.03.2022 under u/s 33 (2) to liquidate the Corporate Debtor, and Mr. Deepak Kumar Garg was appointed as Liquidator.

## Facts

The application I.A. No. 463/2023 was filed in CP(IB) 376/ALD/2019 for the dissolution of Arm Winsys Tech Private Limited, the Corporate Debtor. The CIRP was initiated under section 9 of IBC and admitted on 28.01.2021, with Deepak Kumar Garg appointed as IRP. The CoC resolved on 14.06.2021 to liquidate the Corporate Debtor. An order was passed on 16.03.2022 under u/s 33 (2) to liquidate the Corporate Debtor, and Deepak Kumar Garg was appointed as Liquidator. Public announcements were made in newspapers on 24.03.2022, inviting claims, with a deadline of 15.04.2022. The applicant admitted the claim of the Financial Creditor. The applicant opened a current account for the Corporate Debtor. A Preliminary Report along with Asset Memorandum was prepared. A Stakeholders'

…

## Issues and analysis

### Issue 1: Whether the assets of the Corporate Debtor have been completely liquidated and distributed to …

**Ratio:** Section 54 of the IBC, 2016, and Regulation 45 of the IBBI (Liquidation Process)

…

**Reasoning:** The Adjudicating Authority considered the liquidator's submissions, the Final Report, and

…

**Interpretation:** Section 54 of the IBC mandates that once the assets of a corporate debtor have

…

**Application:** In this case, the liquidator demonstrated that all assets of Arm Winsys Tech

…

## Parties

- **Judges:** Praveen…; Ashish…
- **Respondents:** ARM WINSYS TECH…

## Timeline

- **2019-01-01 — CP(IB) F…**: CP(IB) No. 376 (ALD) of…
- **2021-01-28 — CIRP Admi…**: Application under section 9 of IBC…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/arm-winsys-tech-private-limited-891ae4ab