# In the matter of Bhareth Formulations Private Limited IA-767-(CHE)2021 in CP-1174(IB)-2018

> NCLT judgment dated 2022-03-18. Citation: TCN-2022-NCLT-03669. The case involves an application IA/767(CHE)/2021 filed in CP/1174(IB)/2018 under Section 54 of…

- **Court:** NCLT
- **Order date:** 18 Mar 2022
- **Citation:** TCN-2022-NCLT-03669
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bhareth-formulations-private-limited-ia-767-che2021-in-cp-1174ib-2018-cb5f2199

## Summary

### Background

The case involves an application IA/767(CHE)/2021 filed in CP/1174(IB)/2018 under Section 54 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 47A, seeking the dissolution of M/s. Bhareth Formulations Private Limited, the Corporate Debtor. The Corporate Debtor was admitted into CIRP by the Tribunal on 20.03.2019. An application for liquidation was filed by the Resolution Professional under section 33(2) of IBC, 2016, and was allowed on 05.08.2020, appointing the applicant as the Liquidator.

## Facts

M/s. Bhareth Formulations Private Limited (Corporate Debtor) was admitted into CIRP on 20.03.2019. An application for liquidation was filed by the Resolution Professional and was allowed on 05.08.2020, appointing Revathi Sridharan as the Liquidator. The Liquidator made a public announcement on 07.08.2020. The Liquidator received a claim from Bank of India amounting to Rs. 30,16,06,746.07, which was verified and admitted. The Corporate Debtor had no assets except for contingent assets to be paid by the Promoter. The creditors relinquished their right over the property on 16.01.2020. The company was non-functional since December 2015. The Promoter's application under Section 66 & 67 of the IBC had expired on 23.05.2021. The Liquidator filed the required reports under

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Bhareth Formulations Pvt. Ltd., should be dissolved under …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating Authority

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**Reasoning:** The Tribunal considered the averments made in the application, the final report, and the

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**Interpretation:** Section 54 of the IBC, 2016, is interpreted to mean that once the liquidation

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**Application:** In this case, the Liquidator had completed the liquidation process, filed the

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## Parties

- **Judges:** S. Ramath…; Anil Ku…
- **Appellants:** Revathi Sri…
- **Respondents:** Bhareth Formulatio…; None App…

## Timeline

- **2019-03-20 — Admission in…**: M/s. Bhareth Formulations Private Limited…
- **2020-05-08 — Liquidation…**: The application for liquidation was allowed, and the applicant was appointed as the…

## 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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