# In the matter of Associated Appliances Limited

> NCLT judgment dated 2024-07-22. Citation: TCN-2024-NCLT-00972. The application was filed by the Resolution Professional of M/s. Associated Appliances Ltd. on…

- **Court:** NCLT
- **Order date:** 22 Jul 2024
- **Citation:** TCN-2024-NCLT-00972
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/associated-appliances-limited-623cbc84

## Summary

### Background

The application was filed by the Resolution Professional of M/s. Associated Appliances Ltd. on 26.09.2022, seeking the dissolution of the Corporate Debtor under Section 54(2) of the Insolvency and Bankruptcy Code, 2016, as the assets of the Corporate Debtor have been liquidated. CIRP was initiated against the Corporate Debtor on 16.04.2019, and a moratorium was imposed. Mr. Jyoti Ranjan Tarafdar was initially appointed as the IRP, followed by Mr. Sandeep Kumar Bhatt as the RP on 03.02.2020. The liquidator diligently conducted the liquidation process in accordance with the IBC and applicable regulations. The terms of sale, reserve price, bid incremental value, type of newspaper, bid terms, and conditions were fixed after consultation with the stakeholders, and minutes

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## Facts

M/s. Associated Appliances Ltd. underwent Corporate Insolvency Resolution Process (CIRP) initiated on 16.04.2019. Jyoti Ranjan Tarafdar was appointed as the initial Resolution Professional (IRP), later replaced by Sandeep Kumar Bhatt as the Resolution Professional (RP) on 03.02.2020. The RP diligently conducted the liquidation process in accordance with the Insolvency and Bankruptcy Code (IBC) and applicable regulations. The terms of sale, reserve price, bid incremental value, and other conditions were determined after consulting with stakeholders. An e-auction was conducted by an independent agency. The details of the Corporate Debtor's assets, including liquidation value, sale value, and auction details, were placed on record. A BMW car with a liquidation value of

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## Issues and analysis

### Issue 1: Whether the assets of the Corporate Debtor have been completely liquidated as per the provisions of …

**Ratio:** Section 54 of the IBC, 2016, stipulates that where the assets of the corporate debtor

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**Reasoning:** The Adjudicating Authority considered the submissions made by the Applicant and perused

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**Interpretation:** Section 54 of the IBC, 2016, provides the legal basis for the dissolution of a

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**Application:** In this case, the Liquidator had furnished the Final Report and Form-H,

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## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Respondents:** M/s. ASSOCIATED…

## Timeline

- **2019-04-16 — CIRP Init…**: CIRP was initiated against the Corporate Debtor, M/s. Associated Appliances Ltd., and a…
- **2020-02-03 — Appointment…**: Mr. Sandeep Kumar Bhatt was appointed…

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