# In the matter of Bevcon Wayors Private Limited

> NCLT judgment dated 2025-02-24. Citation: TCN-2025-NCLT-00450. The case involves an application filed by the Liquidator of Bevcon Wayors Private Limited under…

- **Court:** NCLT
- **Order date:** 24 Feb 2025
- **Citation:** TCN-2025-NCLT-00450
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bevcon-wayors-private-limited-02b5c133

## Summary

### Background

The case involves an application filed by the Liquidator of Bevcon Wayors Private Limited under Section 54 of the Insolvency and Bankruptcy Code, 2016, seeking the dissolution of the Corporate Debtor. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 19.04.2022, but the resolution plans received were below the liquidation value. Consequently, the Committee of Creditors (CoC) unanimously resolved to liquidate the Corporate Debtor, which was ordered by the Tribunal on 22.05.2023.

## Facts

Bevcon Wayors Private Limited ('Corporate Debtor') underwent Corporate Insolvency Resolution Process (CIRP) initiated on 19.04.2022. The CIRP failed to produce viable resolution plans, leading the Committee of Creditors (CoC) to unanimously resolve for liquidation. The Tribunal ordered liquidation on 22.05.2023. Mr. Venkat Narsinga Rao Kalvakota was appointed as the Liquidator. The Liquidator invited claims from stakeholders, constituted a Stakeholders Committee (SCC), and prepared an asset memorandum. The liquidation process involved the valuation of the Corporate Debtor's assets, including land, buildings, plant, and machinery, with varying fair and liquidation values. The Liquidator conducted multiple SCC meetings and filed progress reports with the Tribunal. The

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## Issues and analysis

### Issue 1: Whether the assets of the Corporate Debtor have been completely liquidated as required under …

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

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**Reasoning:** The Tribunal considered the Liquidator's report and the details of the liquidation

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**Interpretation:** Section 54(1) mandates complete liquidation of assets as a prerequisite for

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**Application:** In this case, the Liquidator presented evidence of asset valuation, e-auctions,

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Respondents:** Bevcon Wayors Pvt…
- **Advocates:** Salvaji Raja…

## Timeline

- **2018-01-01 — CP(IB) No. 493/9/HDB/201…**: Filing of CP(IB) No.…
- **2022-04-19 — Admission in…**: Corporate Debtor admitted into Corporate…

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