# In the matter of Devesh Engineers Private Limited

> NCLT judgment dated 2023-08-10. Citation: TCN-2023-NCLT-02083. The Corporate Insolvency Resolution Process (CIRP) was initiated against Devesh Engineering…

- **Court:** NCLT
- **Order date:** 10 Aug 2023
- **Citation:** TCN-2023-NCLT-02083
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/devesh-engineers-private-limited-0ca4fb1f

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against Devesh Engineering Enterprises Private Limited vide order dated 2021-02-19. An Interim Resolution Professional (IRP) was appointed. Due to the Corporate Debtor's lack of active interest in the market and the absence of a viable resolution plan, the Committee of Creditors resolved to liquidate the Corporate Debtor. An application for liquidation was filed and allowed on 2022-06-01, appointing Mr. K.J. Vinod as the Liquidator. The Liquidator then filed an application seeking dissolution of the Corporate Debtor and discharge from his duties.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Devesh Engineering Enterprises Private Limited on 2021-02-19. Sri CS.B.Bhasker was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor on 2021-12-13 due to the absence of a resolution plan. An application for liquidation was filed and allowed on 2022-06-01, appointing Mr. K.J.Vinod as the Liquidator. The Liquidator made a public announcement on 2022-06-14 and verified stakeholder claims. The Liquidator prepared reports and submitted them to the Tribunal by 2022-08-09. The company had no immovable/movable assets (excluding some receivables) as they were sold well before the commencement of the CIRP Process. The

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, M/s. Devesh Engineering …

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

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**Reasoning:** The court reasoned that the liquidation process had been completed as per the procedure

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

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

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## Parties

- **Judges:** TELAPROLU…; SH. CHARAN…
- **Appellants:** K.J. V…
- **Respondents:** Devesh Engineering…; Tejaswini…

## Timeline

- **2021-02-19 — CIRP Init…**: Corporate Insolvency Resolution Process initiated against Devesh Engineering Enterprises…
- **2021-12-13 — Liquidation Re…**: Committee of Creditors resolved to…

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