# In the matter of Baid Narrow Fab Private Limited IA No. 177 (AHM)-2022 in C.P. (I.B) No. 178 (AHM)-2019

> NCLT judgment dated 2022-06-07. Citation: TCN-2022-NCLT-02355. The case involves an application for the dissolution of a corporate debtor, M/s Baid Narrow Fab…

- **Court:** NCLT
- **Order date:** 7 Jun 2022
- **Citation:** TCN-2022-NCLT-02355
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/baid-narrow-fab-private-limited-ia-no-177-ahm-2022-in-cp-ib-no-178-ahm-2019-8054fc27

## Summary

### Background

The case involves an application for the dissolution of a corporate debtor, M/s Baid Narrow Fab Private Limited, under Section 54 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 45(3)(b) of the IBBI (Liquidation Process) Regulations, 2016. The corporate insolvency resolution process (CIRP) was initiated following an application by an operational creditor under Section 9 of the IB Code. Mr. Sunil Kumar Agarwal was appointed as the Interim Resolution Professional (IRP) and later as the Liquidator. The Committee of Creditors (CoC), consisting of the sole financial creditor, State Bank of India, resolved to liquidate the Corporate Debtor as no resolution plan was received. The Adjudicating Authority passed the liquidation order on 08.01.2021.

## Facts

The Operational Creditor initiated CIRP against M/s Baid Narrow Fab Private Limited under Section 9 of the IB Code. The application was admitted on 2019-12-09, and Mr. Sunil Kumar Agarwal was appointed as IRP. The CoC, consisting solely of State Bank of India, resolved to liquidate the Corporate Debtor on 2020-11-12 due to the absence of a resolution plan. The Adjudicating Authority ordered liquidation on 2021-01-08 and appointed Mr. Sunil Kumar Agarwal as Liquidator. The Liquidator made public announcements and invited claims from stakeholders. A list of stakeholders was filed with the Authority on 2021-02-27, and a revised list on 2021-04-07. The first progress report was filed on 2021-04-12. Eight e-auction publications were made, and the assets were sold for Rs.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s Baid Narrow Fab Private Limited, should be dissolved under …

**Ratio:** Section 54(2) of the Insolvency and Bankruptcy Code, 2016, provides the legal basis for

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**Reasoning:** The Adjudicating Authority considered the submissions and documents on record and was

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**Interpretation:** Section 54(2) of the IB Code allows the Adjudicating Authority to order the

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**Application:** Given that the liquidator had taken all necessary steps to realize the assets

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## Parties

- **Judges:** DEEPTI M…; Ajai Das Me…
- **Respondents:** M/s Baid Narrow…

## Timeline

- **2019-12-09 — CIRP Init…**: Operational Creditor filed an application under Section 9 of the IB Code, and the…
- **2020-01-06 — First CoC M…**: The IRP was appointed as RP by the…

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