# In the matter of Cosmopolitan Technofab Textiles Private Ltd.

> NCLT judgment dated 2024-03-22. Citation: TCN-2024-NCLT-01948. The case involves an application for the dissolution of the Corporate Debtor, M/s Cosmopolitan…

- **Court:** NCLT
- **Order date:** 22 Mar 2024
- **Citation:** TCN-2024-NCLT-01948
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/cosmopolitan-technofab-textiles-private-ltd-730ef8a8

## Summary

### Background

The case involves an application for the dissolution of the Corporate Debtor, M/s Cosmopolitan Technofab Textiles Private Limited, filed by the Liquidator in accordance with Section 54 of the Insolvency & Bankruptcy Code, 2016. An application under Section 7 of the Code was initially filed by M/s L&T Housing Finance Limited to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, which was admitted on 05.11.2019. Mr. Harish Taneja was appointed as the Interim Resolution Professional (IRP). The IRP made announcements, invited claims, and constituted a Committee of Creditors (COC). The COC discussed the appointment of the IRP as the Resolution Professional. The IRP apprised the COC that the Registered Office of the Corporate Debtor

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## Facts

M/s L&T Housing Finance Limited initiated Corporate Insolvency Resolution Process (CIRP) against M/s Cosmopolitan Technofab Textiles Private Limited. The application was admitted on 05.11.2019. Mr. Harish Taneja was appointed as the Interim Resolution Professional (IRP). The IRP constituted a Committee of Creditors (COC). The registered office of the Corporate Debtor was found to be under construction and locked. The IRP could not trace the whereabouts of the Corporate Debtor, preventing the revival of operations. The COC decided to pursue liquidation and/or dissolution. An initial dissolution application was dismissed on 02.01.2023 for non-compliance with due procedure. The COC then decided to file for liquidation under section 33(1) of the IBC, and a liquidation

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, M/s Cosmopolitan Technofab …

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

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**Reasoning:** The Adjudicating Authority considered the submissions made by the Applicant (Liquidator)

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**Interpretation:** Section 54 of the IBC and Regulation 45 of the IBBI (Liquidation Process)

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**Application:** In this case, the Corporate Debtor's assets were untraceable, and the COC and

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## Parties

- **Judges:** RAHUL BHA…; MAHENDRA KHANDELWA…
- **Respondents:** M/S COSMOPOLITAN…

## Timeline

- **2019-11-05 — Admission of CIRP…**: Application under Section 7 of the Code filed by M/s L&T Housing Finance Limited was…
- **2019-12-04 — First COC M…**: The first meeting of the Committee of Creditors (COC) was held, where the IRP placed the…

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