# In the matter of Auro Mira Biopower India Private Limited

> NCLT judgment dated 2023-07-19. Citation: TCN-2023-NCLT-02447. The application IA(IBC)/807/CHE/2023 was filed in TCP/130/IB/CB/2017 under Section 54 of the…

- **Court:** NCLT
- **Order date:** 19 Jul 2023
- **Citation:** TCN-2023-NCLT-02447
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/auro-mira-biopower-india-private-limited-93429099

## Summary

### Background

The application IA(IBC)/807/CHE/2023 was filed in TCP/130/IB/CB/2017 under Section 54 of the Insolvency & Bankruptcy Code, 2016, seeking the dissolution of Auro Mira Biopower India Private Limited. The Corporate Insolvency Resolution Process (CIRP) commenced on 2017-09-01. Liquidation was ordered on 2018-07-16. The liquidator, Mr. L.K. Sivaramakrishnan, managed the liquidation process, including asset valuation, stakeholder consultation, and asset sales. The liquidator submitted a final report and compliance certificate, stating that the corporate debtor had been completely liquidated.

## Facts

Auro Mira Biopower India Private Limited was incorporated on 2007-08-20. CIRP commenced on 2017-09-01. Liquidation was ordered on 2018-07-16. The corporate debtor's assets included an 18 MW plant, land, and buildings. The liquidator was appointed and conducted auctions on 2018-12-06 and 2019-01-21, which failed. Subsequently, the liquidator sold the property to Sri Gomathi Energy Private Limited for Rs. 10,53,60,000. A sale deed was entered on 2021-02-12. The liquidator also managed renewable energy certificates worth Rs. 29,76,000. The liquidator submitted a bank account statement as proof of distribution. The final report was submitted on 2023-04-26.

## Issues and analysis

### Issue 1: Whether the assets of the corporate debtor have been completely liquidated as required under …

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

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**Reasoning:** The court relied on the averments made in the application, the final report, and the

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**Interpretation:** Section 54 mandates the dissolution of a corporate debtor once its assets have

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**Application:** In this case, the court found that the liquidator had successfully liquidated

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## Parties

- **Judges:** SANJIV…; SAMEER…
- **Respondents:** Auro Mira…
- **Advocates:** V.V. Siva…

## Timeline

- **2007-08-20 — Incorpor…**: Auro Mira Biopower India…
- **2017-09-01 — CIRP Commen…**: Corporate Insolvency…

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