# 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-02341. The case involves an application filed by Mr. Sachin Dinkar Bhattbhatt, the Liquidator of M/s…

- **Court:** NCLT
- **Order date:** 7 Jun 2022
- **Citation:** TCN-2022-NCLT-02341
- **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-2019-98c9c7d4

## Summary

### Background

The case involves an application filed by Mr. Sachin Dinkar Bhattbhatt, the Liquidator of M/s Ashok Transformers Private Limited, the Corporate Debtor, under section 54(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulations 45(3)(b) of the IBBI (Liquidation Process) Regulations, 2016, for the dissolution of the Corporate Debtor. The Operational Creditor, Mr. Darshan Y. Bhatt, had filed an application under section 9 of the IB Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) of M/s Ashok Transformers Private Limited. The application was admitted on 25.08.2018, and Mr. Sachin Dinkar Bhattbhatt was appointed as the Interim Resolution Professional (IRP), later confirmed as RP. The committee of creditors (CoC) unanimously passed a

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## Facts

Mr. Sachin Dinkar Bhattbhatt, the Liquidator of M/s Ashok Transformers Private Limited, filed an application for the dissolution of the Corporate Debtor under section 54(1) of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated by Mr. Darshan Y. Bhatt, an Operational Creditor, under section 9 of the IB Code, 2016. The application was admitted on 25.08.2018, and Mr. Sachin Dinkar Bhattbhatt was appointed as the IRP, later confirmed as RP. The CoC unanimously resolved for liquidation on 02.10.2018, as no resolution plan was received. The Adjudicating Authority directed liquidation on 05.07.2019. The Liquidator made public announcements and notified the ROC. The assets, including a 350 KW Wind Mill and an Open Plot Land, were auctioned. The sale certificate

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, M/s Ashok Transformers Private …

**Ratio:** Section 54(1) of the Insolvency and Bankruptcy Code, 2016, provides for the dissolution

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

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**Interpretation:** Section 54(1) allows for the dissolution of a corporate debtor when the

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**Application:** Given that the Liquidator had completed the liquidation process, auctioned the

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## Parties

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

## Timeline

- **2018-08-25 — Admission of CIRP…**: The application filed by the Operational Creditor, Mr. Darshan Y. Bhatt, under section 9…
- **2018-10-02 — CoC Resolution for…**: The committee of creditors (CoC) unanimously passed a resolution with 100% voting for…

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