# In the matter of Atlantis Life Sciences Pvt. Ltd.

> NCLT judgment dated 2025-02-17. Citation: TCN-2025-NCLT-00479. The case involves an application filed under Section 54 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 17 Feb 2025
- **Citation:** TCN-2025-NCLT-00479
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/atlantis-life-sciences-pvt-ltd-6ab71803

## Summary

### Background

The case involves an application filed under Section 54 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 45 of the IBBI (Liquidation Process) Regulations, 2016, by the Liquidator of Atlantis Life Sciences Private Limited, seeking dissolution of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by Pariman Enterprises Limited under Section 9 of the Code. The Committee of Creditors (CoC) determined that revival of the corporate debtor was not possible and resolved to liquidate the Corporate Debtor. The Applicant filed M.A. No. 2702 of 2019 under Section 33 of the Code, which was allowed vide order dated 05.03.2021, leading to the appointment of the Applicant as the Liquidator.

## Facts

Pariman Enterprises Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) for Atlantis Life Sciences Private Limited. Mr. Dhananjay Kumar Vatsyayan was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Dilipkumar Natvarlal Jagad as the Resolution Professional (RP). The CIRP period was extended, but the Committee of Creditors (CoC) determined that revival was not possible and resolved to liquidate the Corporate Debtor. The Applicant filed M.A. No. 2702 of 2019 under Section 33 of the Code, which was allowed on 05.03.2021, appointing the Applicant as the Liquidator. A public announcement was made on 10.03.2021, inviting

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor under Section 54 of the Insolvency …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, provides that where the assets of

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**Reasoning:** The Tribunal noted that the assets of the corporate debtor have been completely

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**Interpretation:** Section 54 is interpreted to mean that once all assets are liquidated and

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**Application:** In this case, since all assets were liquidated, and the Liquidator applied for

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** Dilipkumar…
- **Respondents:** Atlantis Life…

## Timeline

- **2018-08-07 — Initiation…**: Tribunal admitted the petition filed by Pariman Enterprises Limited under Section 9 of…
- **2018-12-14 — Appointment…**: Mr. Dilipkumar Natvarlal Jagad was appointed as the Resolution Professional (RP) of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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