# In the matter of Automotive Coaches & Components Private Limited

> NCLT judgment dated 2024-05-03. Citation: TCN-2024-NCLT-01447. The application was filed by the Liquidator under Section 54(1) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 3 May 2024
- **Citation:** TCN-2024-NCLT-01447
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/automotive-coaches-components-private-limited-356b8cbe

## Summary

### Background

The application was filed by the Liquidator under Section 54(1) of the Insolvency and Bankruptcy Code, 2016, and Regulation 45(3) of the IBBI (Liquidation Process Regulations), 2016, read with Rule 11 of NCLT Rules, 2016, seeking an order for the dissolution of the Corporate Debtor, M/s. Automotive Coaches and Components Limited, as its assets and affairs have been completely liquidated.

## Facts

The present application was filed by E. Santhanalakshmi, the Liquidator of M/s. Automotive Coaches and Components Limited, under Section 54(1) of the Insolvency and Bankruptcy Code, 2016, and Regulation 45(3) of the IBBI (Liquidation Process Regulations), 2016, read with Rule 11 of NCLT Rules, 2016. The Liquidator sought an order for the dissolution of the Corporate Debtor, stating that its assets and affairs had been completely liquidated. The Corporate Insolvency Resolution Process ( CIRP ) for M/s. Automotive Coaches and Components Limited was initiated on September 3, 2019. Subsequently, the liquidation of the Corporate Debtor was ordered by the Tribunal on March 18, 2022, and Mrs. Subata M Maity was appointed as the liquidator. On August 22, 2022, the current

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Automotive …

**Ratio:** A corporate debtor whose assets have been completely liquidated and whose affairs do not

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**Reasoning:** The Tribunal found that the assets of the corporate debtor had been completely

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**Interpretation:** The court interpreted Section 54(1) of the IBC and Regulation 45(3) of the IBBI

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**Application:** Given that all assets of M/s. Automotive Coaches and Components Limited were

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## Parties

- **Judges:** Shri. JYOTI KUMAR…; SHRI. RAVICHANDRAN…
- **Appellants:** E. SANTHANA…; E.Santhanal…; +2 more
- **Respondents:** M/s. Automotive…; M/s. Automotive…; +1 more
- **Advocates:** E. Santhana…

## Timeline

- **September 3, 2019 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated for the Corporate Debtor in…
- **March 18, 2022 — Liquidation…**: Liquidation of the Corporate Debtor ordered by the Tribunal, and Mrs. Subata M Maity…

## 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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