# In the matter of Blue Cross Road Solutions Limited

> NCLT judgment dated 2024-03-14. Citation: TCN-2024-NCLT-02045. The case involves an application for the dissolution of Blue Cross Road Solutions Limited, a…

- **Court:** NCLT
- **Order date:** 14 Mar 2024
- **Citation:** TCN-2024-NCLT-02045
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/blue-cross-road-solutions-limited-5d168396

## Summary

### Background

The case involves an application for the dissolution of Blue Cross Road Solutions Limited, a corporate debtor. Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by a Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Ajay Ganesh Marathe was appointed as the Interim Resolution Professional, later confirmed as the Resolution Professional. Despite efforts to revive the Corporate Debtor, it was deemed impossible due to absconding directors. The Committee of Creditors decided to liquidate the Corporate Debtor, appointing the applicant as the Liquidator.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Blue Cross Road Solutions Limited based on a petition filed by a Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016. Ajay Ganesh Marathe was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. The Committee of Creditors decided to liquidate the Corporate Debtor due to the absconding directors and the impossibility of revival. Ajay Ganesh Marathe was appointed as the Liquidator. The Liquidator made a public announcement and invited claims from stakeholders. The Liquidator received one claim from Janata Sahakari Bank Limited and VAT Department, Maharashtra, totaling Rs. 62,51,00,066/-. The Stakeholders' Consultation

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Blue Cross Road Solutions Limited, deserves to be dissolved given its …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, provides for the dissolution of a

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**Reasoning:** The court considered the submissions made by the Counsel for the Liquidator, the Final

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**Interpretation:** Section 54 is interpreted to mean that once a corporate debtor's assets are

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**Application:** Given the complete liquidation of Blue Cross Road Solutions Limited and its

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## Parties

- **Judges:** SH. PRABHAT…; V.G. B…
- **Appellants:** JANATA SAHAKARI…
- **Respondents:** BLUE CROSS ROAD…
- **Advocates:** Ronak P…; Navin Khan…

## Timeline

- **2023-02-09 — Order by Adjudicating…**: The Adjudicating Authority issued an order on a Petition filed by the Financial Creditor…
- **2023-05-20 — Confirmation of…**: The Interim Resolution Professional was confirmed as the Resolution Professional of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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