# In the matter of BANSAL INFRACON PRIVATE LIMITED

> NCLT judgment dated 2024-05-17. Citation: TCN-2024-NCLT-01307. The case involves an application (IA/403(AHM)2023) filed by the liquidator, Mr. Tejas Shah, of…

- **Court:** NCLT
- **Order date:** 17 May 2024
- **Citation:** TCN-2024-NCLT-01307
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bansal-infracon-private-limited-1692ee13

## Summary

### Background

The case involves an application (IA/403(AHM)2023) filed by the liquidator, Mr. Tejas Shah, of Bansal Infracon Private Limited, under Section 54(1) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the dissolution of the corporate debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by Mr. Kanada Hiren Mahendrabhai under Section 9 of the IBC. An order for CIRP initiation was passed on 29.11.2021, and Mr. Tejas Shah was appointed as the Interim Resolution Professional (IRP) and later as the liquidator. The Committee of Creditors (CoC) unanimously resolved to liquidate the Corporate Debtor on 02.03.2022, and the liquidation was allowed by the NCLT on 31.05.2022. The liquidator complied with various regulations,

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Bansal Infracon Private Limited based on a petition filed by Mr. Kanada Hiren Mahendrabhai, an operational creditor, under Section 9 of the IBC, 2016. The company was incorporated on 26.02.1998 and engaged in ship-breaking activities. The CIRP was initiated on 29.11.2021, and Mr. Tejas Shah was appointed as the Interim Resolution Professional (IRP) and later as the liquidator. The Committee of Creditors (CoC) unanimously resolved to liquidate the Corporate Debtor on 02.03.2022. The liquidation process was approved by the NCLT on 31.05.2022. Mr. Tejas Shah made public announcements and prepared a list of stakeholders. The total outstanding default was Rs. 8,20,000. The liquidator recovered Rs.

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, M/s. Bansal Infracon Private …

**Ratio:** Section 54(1) of the IBC, 2016, stipulates that where the assets of the corporate debtor

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**Reasoning:** The court reasoned that the liquidator had submitted a final report and compliance

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**Interpretation:** Section 54(1) is interpreted to mean that once all assets of a corporate debtor

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**Application:** The court applied Section 54(1) to the facts of the case, noting that the

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## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Appellants:** Tejas K…
- **Respondents:** Bansal Infracon…
- **Advocates:** Sumit P…; Tejas K.…

## Timeline

- **2019-01-01 — CP(IB) F…**: CP(IB) No.383/9/NCLT/AHM/2019…
- **2021-11-29 — CIRP Init…**: Order for initiation of CIRP…

## 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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