# In the matter of Datsun Fashion Limited

> NCLT judgment dated 2023-07-03. Citation: TCN-2023-NCLT-02723. The case involves an application filed under Section 35(1)(n) of the Insolvency & Bankruptcy…

- **Court:** NCLT
- **Order date:** 3 Jul 2023
- **Citation:** TCN-2023-NCLT-02723
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/datsun-fashion-limited-67893105

## Summary

### Background

The case involves an application filed under Section 35(1)(n) of the Insolvency & Bankruptcy Code, 2016, read with Regulation 45(3)(b) of the IBBI (Liquidation) Regulation, 2016. The applicant, Mr. Vijay Pitamber Lulla, is the liquidator of Datsun Fashion Limited. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) against Datsun Fashion Limited on 07.05.2018, following a petition filed by the Operational Creditor under Section 9 of the Code. Mr. Parth Kirtikumar Dave was initially appointed as the Interim Resolution Professional (IRP), but later, Mr. Vijay Pitamber Lulla was appointed as the Resolution Professional (RP). Subsequently, the company was ordered to be liquidated on 10.06.2019, as no resolution plan was received. The

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## Facts

The operational creditor initiated CIRP against Datsun Fashion Limited under Section 9 of the IBC, leading to the appointment of an IRP and subsequently an RP. Due to the absence of a resolution plan, the company was ordered into liquidation on 10.06.2019. The liquidator complied with IBC regulations by making public announcements and inviting stakeholder claims. Progress reports were submitted periodically. The liquidator filed a final report and compliance certificate. The liquidation bank account was closed on 10.08.2022. The liquidator determined that no assets or records were available, prompting an application for early dissolution under Regulation 14. The liquidator has also filed a miscellaneous application bearing No.3527/2019, U/s 66 of the Code to pass

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the corporate debtor, Datsun Fashion Limited, should be …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, stipulates that where the assets

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**Reasoning:** The court reasoned that since the liquidator reported no assets available for liquidation

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**Interpretation:** Section 54 provides a mechanism for formally dissolving a corporate debtor

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**Application:** The court applied Section 54 to the facts of the case, noting that the

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## Parties

- **Judges:** H.V. Subb…; Madhu S…
- **Appellants:** Shree Khodiyar…
- **Respondents:** Datsun Fashion…; Datsu n Fasion…

## Timeline

- **2018-05-07 — Initiation…**: The Adjudicating Authority directed the initiation of the Corporate Insolvency Resolution…
- **2018-09-07 — Appointment of…**: The Hon'ble Bench approved the appointment of Mr. Vijay P. Lulla as the Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 35(1) — Powers and duties of liquidator](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-35)

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