# In the matter of Aryavrat Trading Pvt. Ltd.

> NCLT judgment dated 2023-10-10. Citation: TCN-2023-NCLT-01322. The case involves an application under section 54(1) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 10 Oct 2023
- **Citation:** TCN-2023-NCLT-01322
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aryavrat-trading-pvt-ltd-88fb7685

## Summary

### Background

The case involves an application under section 54(1) of the Insolvency and Bankruptcy Code, 2016, read with regulation 45(3) of the IBBI (Liquidation Process) Regulations, 2016, for the closure of the liquidation process of Aryavrat Trading Pvt. Ltd. The corporate debtor's assets have been sold as a 'going concern' to Mr. Deepak Nagar under regulation 32(e) of the IBBI (Liquidation Process) Regulations, 2016.

## Facts

Bank of Baroda (erstwhile Dena Bank) is the Financial Creditor. M/s. Aryavrat Trading Pvt. Ltd. is the Corporate Debtor. The Liquidator, Mrs. Rachna Jhunjhunwala, filed IA(IBC)/1425(KB)2023 under section 54(1) of the Insolvency and Bankruptcy Code, 2016, read with regulation 45(3) of the IBBI (Liquidation Process) Regulations, 2016, seeking closure of the liquidation process. The Corporate Debtor's assets were sold as a 'going concern' to Mr. Deepak Nagar. The application lacked certain documents, including the Statement of Account during the Liquidation Period, the Original Bank Statement, and the appendices mentioned in the Final Report. The 10th SCC meeting advised Indian Bank to pursue avoidance applications under section 43 to 66 of the IBC after the liquidation

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## Issues and analysis

### Issue 1: Whether the liquidator's application for closure of the liquidation process is complete and …

**Ratio:** The completeness of an application under section 54(1) of the IBC, read with regulation

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**Reasoning:** The court observed that the application lacked essential documents, including the

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**Interpretation:** The IBBI (Liquidation Process) Regulations, 2016, mandate the submission of

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**Application:** In this case, the liquidator's failure to submit the required documents

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## Parties

- **Judges:** BIDISHA BA…; ARVIND DEVA…
- **Appellants:** Rachna Jhunjhunwal…
- **Respondents:** M/s. Aryavrat…

## Timeline

- **2019-01-01 — CP(IB)/430(K…**: Filing of CP(IB)/430(KB)…
- **2023-09-20 — Date of H…**: Hearing held on…

## 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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