# In the matter of Bhagwandas Ispat Pvt. Ltd.

> NCLT judgment dated 2023-07-18. Citation: TCN-2023-NCLT-02480. The case involves IA No.530/2022 filed in CP (IB) No.222/Chd/Hry/2019 by Prajakta Menezes, the…

- **Court:** NCLT
- **Order date:** 18 Jul 2023
- **Citation:** TCN-2023-NCLT-02480
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bhagwandas-ispat-pvt-ltd-87809794

## Summary

### Background

The case involves IA No.530/2022 filed in CP (IB) No.222/Chd/Hry/2019 by Prajakta Menezes, the liquidator of Bhagwandas Ispat Pvt. Ltd, the Corporate Debtor, under Section 54 of the Insolvency and Bankruptcy Code, 2016, for the dissolution of the Corporate Debtor. The main Company Petition CP(IB) No.222/Chd/Hry/2019 was filed by Abhyudaya Co-operative Bank Ltd, the Financial Creditor, under Section 7 of IBC and was admitted by the Adjudicating Authority on 23.10.2019 for initiating CIRP. Prajakta Avil Menezes was appointed as Interim Resolution Professional, and later as the Resolution Professional. The Adjudicating Authority ordered the liquidation of the Corporate Debtor on 14.02.2020 under Section 33(2) of IBC, 2016, appointing the Resolution Professional as

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## Facts

The main Company Petition CP(IB) No.222/Chd/Hry/2019 was filed by Abhyudaya Co-operative Bank Ltd-Financial Creditor under Section 7 of IBC and was admitted by the Adjudicating Authority, by order dated 23.10.2019 for initiating CIRP. Prajakta Avil Menezes was appointed as Interim Resolution Professional. Subsequently, the Adjudicating Authority by its order dated 14.02.2020 passed an order for the liquidation of the Corporate Debtor under Section 33(2) of IBC, 2016 and appointed the Resolution Professional to act as Liquidator under Section 34(1) of IBC, 2016. The Liquidator made the public announcement in FORM B dated 19.02.2020. The last date for filing the claim has been fixed as 15.03.2020. The liquidator has received one claim i.e. from Abhyudaya Co-operative

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## Issues and analysis

### Issue 1: Whether the assets of the corporate debtor have been completely liquidated as per Section 54 of the …

**Ratio:** Section 54 of the IBC stipulates that where the assets of the corporate debtor have been

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**Reasoning:** The court considered the facts presented, including the liquidation process followed by

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**Interpretation:** Section 54 of the IBC is interpreted to mean that once the assets of the

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**Application:** In this case, the court found that the assets of the Corporate Debtor had been

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Prajakta M…
- **Respondents:** Bhagwandas Ispat…; Abhyudaya…

## Timeline

- **2019-10-23 — CIRP Init…**: The Adjudicating Authority admitted CP(IB)…
- **2019-10-23 — Appointment…**: Prajakta Avil Menezes was appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52(1) — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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