# In the matter of Azhimuthu Software India Private Limited

> NCLT judgment dated 2024-06-28. Citation: TCN-2024-NCLT-01109. The application was filed under Section 54 of the IBC, 2016 read with Regulation 45 (3) (b) of…

- **Court:** NCLT
- **Order date:** 28 Jun 2024
- **Citation:** TCN-2024-NCLT-01109
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/azhimuthu-software-india-private-limited-1d1cb010

## Summary

### Background

The application was filed under Section 54 of the IBC, 2016 read with Regulation 45 (3) (b) of the IBBI (Liquidation Process) Regulations, 2016, by the Liquidator seeking an order of dissolution for M/s. Azimuth Software India Private Limited. CIRP was initiated on 2021-03-04, and liquidation was ordered on 2022-07-22. The liquidator filed a Preliminary Report and Asset Memorandum on 2022-09-30, stating that the Corporate Debtor had no possibility of revival and minimal realizable assets.

## Facts

M/s. Azimuth Software India Private Limited was undergoing CIRP, initiated on 2021-03-04. Liquidation was ordered on 2022-07-22. K. Suresh was appointed as the Liquidator. The Liquidator received three claims, including one from the CIRP period, and formed a Stakeholder Consultation Committee (SCC). The Corporate Debtor had minimal realizable assets, with a bank balance of Rs. 1,21,689.62 as of the Liquidation Commencement Date. Two registered valuers assessed the assets, valuing them at Rs. 42,198/- and Rs. 6,729.50/-. The Liquidator convened two SCC meetings to discuss the continuation of the liquidation process and the ultimate dissolution of the Corporate Debtor. The Liquidator filed an application on 2023-07-19 for the dissolution of the Corporate Debtor. The

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## Issues and analysis

### Issue 1: Whether the assets of the corporate debtor have been completely liquidated, justifying an …

**Ratio:** Section 54(1) of the IBC states that where the assets of the corporate debtor have been

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**Reasoning:** The Tribunal considered the reports of the liquidator, which indicated that the Corporate

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**Interpretation:** Section 54(1) of the IBC is interpreted to mean that when all assets of a

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**Application:** In this case, the liquidator demonstrated that the Corporate Debtor had minimal

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** K. SU…
- **Respondents:** M/s. Azimuth…

## Timeline

- **2021-03-04 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) was initiated for M/s. Azimuth Software…
- **2022-07-22 — Liquidation…**: Liquidation of the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54 — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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