# In the matter of Balgopal Distributors Private Limited

> NCLT judgment dated 2024-04-01. Citation: TCN-2024-NCLT-01900. The case involves an application under Section 54 of the Insolvency & Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 1 Apr 2024
- **Citation:** TCN-2024-NCLT-01900
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/balgopal-distributors-private-limited-27440aa1

## Summary

### Background

The case involves an application under Section 54 of the Insolvency & Bankruptcy Code, 2016, read with Rule 11 of the Insolvency & Bankruptcy (Application to the Adjudicating Authority) Rules, 2016, seeking the dissolution of the Corporate Debtor, Balgopal Distributors Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated under Section 7 of the IBC, 2016, by the Financial Creditor, Royalpet Vanijya Private Limited. The CIRP commenced on February 17, 2020, and subsequently, an application for liquidation was filed, leading to an order on November 9, 2021, for the Corporate Debtor to be liquidated, and a liquidator was appointed.

## Facts

Royalpet Vanijya Private Limited, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Balgopal Distributors Private Limited, the Corporate Debtor, under Section 7 of the Insolvency & Bankruptcy Code, 2016. The CIRP commenced on February 17, 2020, by an order of the National Company Law Tribunal (NCLT), Kolkata Bench. Subsequently, an application for liquidation was filed, and on November 9, 2021, the Corporate Debtor was ordered to be liquidated, with the present Applicant appointed as the Liquidator. Public announcements were made on February 25, 2020, in Bengali and English newspapers. In a meeting on July 29, 2022, the stakeholders decided against further auctions of liquidation assets, and the liquidator was directed to

…

## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, Balgopal Distributors Private …

**Ratio:** Section 54 of the Insolvency & Bankruptcy Code, 2016, and Regulation 14 of the IBBI

…

**Reasoning:** The court reasoned that the liquidation of the assets of the Corporate Debtor had been

…

**Interpretation:** Section 54 of the IBC allows the Adjudicating Authority to order the

…

**Application:** The court applied the provisions of Section 54 of the IBC and Regulation 14 of

…

## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** Royalpet Vanijya…
- **Respondents:** Balgopal Distribut…

## Timeline

- **2020-02-17 — CIRP Commen…**: CIRP commenced by an order…
- **2020-02-25 — Public Announ…**: Public announcements were made in…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/balgopal-distributors-private-limited-27440aa1