# In the matter of AS Sales & Exports Private Limited

> NCLT judgment dated 2024-02-22. Citation: TCN-2024-NCLT-02475. The case pertains to an application filed under Section 54 of the Insolvency & Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 22 Feb 2024
- **Citation:** TCN-2024-NCLT-02475
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/as-sales-exports-private-limited-b9866174

## Summary

### Background

The case pertains to an application filed under Section 54 of the Insolvency & Bankruptcy Code, 2016, read with regulation 45 of the IBBI (Liquidation Process) Regulations 2016, seeking the dissolution of the Corporate Debtor, AS Sales and Exports Private Limited. The Corporate Debtor was admitted into CIRP on 09.07.2018, and the applicant, Shyamal Kumar Bhattacharjee, was appointed as the IRP. Subsequently, on 06.08.2018, the Committee of Creditors appointed the applicant as the Resolution Professional. Despite efforts, no resolution plan was received, leading to an order for liquidation on 25.04.2019. The applicant was then appointed as the Liquidator.

## Facts

AS Sales and Exports Private Limited was admitted into CIRP on 09.07.2018, with Shyamal Kumar Bhattacharjee initially appointed as the IRP and later as the Resolution Professional. Due to the absence of a resolution plan, the company was ordered into liquidation on 25.04.2019, and Shyamal Kumar Bhattacharjee was appointed as the Liquidator. A public announcement was made on 29.04.2019. The last date for submitting claims was 25.05.2019. The liquidator received claims from operational creditors, including Seco Tools India Private Limited (Rs. 30,48,667.00), and financial creditors, including Sarmistha Bajpayee (Rs. 14,47,303.00). The liquidator engaged MSTC Ltd to auction the assets. Multiple auction attempts were made, with M/s. MAA VAISHNO TRADING COMPANY eventually

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## Issues and analysis

### Issue 1: Whether the assets of the corporate debtor have been completely liquidated as per Section 54 of the …

**Ratio:** Section 54 of the I&B Code stipulates that where the assets of the corporate debtor

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**Reasoning:** The court observed that the liquidator had taken steps to maximize the realization from

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**Interpretation:** The interpretation of Section 54 requires that all realizable assets of the

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**Application:** In this case, the court found that the liquidator had made sufficient efforts

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Respondents:** AS SALES AND…

## Timeline

- **2018-07-09 — Admission in…**: Corporate Debtor admitted into CIRP by the Adjudicating Authority; applicant appointed as…
- **2018-08-06 — Appointment…**: Committee of Creditors appointed the…

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