# In the matter of BFIP Enterprises Private Limited

> NCLT judgment dated 2024-02-22. Citation: TCN-2024-NCLT-02457. The case involves an application filed by the Applicant/Liquidator under Section 54(1) of the…

- **Court:** NCLT
- **Order date:** 22 Feb 2024
- **Citation:** TCN-2024-NCLT-02457
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bfip-enterprises-private-limited-5b7cc0ab

## Summary

### Background

The case involves an application filed by the Applicant/Liquidator under Section 54(1) of the Insolvency and Bankruptcy Code, 2016, seeking the dissolution of the Corporate Debtor, M/s. BFIP Enterprises Private Limited. The Company Petition CP(IB)/126/9/AMR/2022 was initially filed by M/s. Kriyas Unipro Private Limited (OC) against M/s. BFIP Enterprises Private Limited (CD) under Section 9 of IBC, 2016. The Adjudicating Authority admitted the matter on 25.01.2023 and appointed Mr. Kantipudi Venkata Raju as the Interim Resolution Professional (IRP).

## Facts

M/s. Kriyas Unipro Private Limited initiated a corporate insolvency resolution process (CIRP) against M/s. BFIP Enterprises Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority admitted the petition on 25.01.2023 and appointed Mr. Kantipudi Venkata Raju as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) appointed the Applicant as Resolution Professional (RP) on 22.02.2023. The CoC approved the liquidation of the Corporate Debtor and appointed Mr. Kantipudi Venkata Raju as liquidator on 16.04.2023. The liquidator issued a public announcement on 29.05.2023, inviting claims, but no claims were received. The liquidator prepared a list of stakeholders based on claims received from two

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## Issues and analysis

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

**Ratio:** Section 54 of the IBC, 2016, provides for the dissolution of a corporate debtor when its

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**Reasoning:** The Tribunal noted that the Corporate Debtor has no assets and that the liquidation

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**Interpretation:** Section 54 of the IBC allows for the dissolution of a corporate debtor after

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**Application:** In this case, the Corporate Debtor's assets have been completely liquidated,

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Kriyas Unipro…
- **Respondents:** BFIP Enterprises…

## Timeline

- **2023-01-25 — Admission of Company…**: The Adjudicating Authority admitted the Company Petition CP(IB)/126/9/AMR/2022 and…
- **2023-02-22 — Appointment of…**: The CoC appointed the Applicant as…

## 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)

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