# In the matter of Dhanashri Tooling Services Private Limited

> NCLT judgment dated 2022-10-11. Citation: TCN-2022-NCLT-00786. The case pertains to an application filed by the Liquidator under Section 54 of the Insolvency…

- **Court:** NCLT
- **Order date:** 11 Oct 2022
- **Citation:** TCN-2022-NCLT-00786
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/dhanashri-tooling-services-private-limited-57dccd5b

## Summary

### Background

The case pertains to an application filed by the Liquidator under Section 54 of the Insolvency and Bankruptcy Code, 2016, seeking an order for the dissolution of the Corporate Debtor, Dhanashri Tooling Systems Pvt. Ltd. The Adjudicating Authority had previously initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor on 15.07.2019, following a petition filed by the Financial Creditor under Section 7 of the Code. Mr. Rajmal L Mogra was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional. Subsequently, an order under Section 33(2) was passed on 22.03.2021, allowing the Debtor Company to be liquidated, and Mr. Pramod Dattaram Rasa was appointed as the Liquidator.

## Facts

On 15.07.2019, the Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) against Dhanashri Tooling Systems Pvt. Ltd. following a petition by the Financial Creditor under Section 7 of the IBC. Mr. Rajmal L Mogra was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional. On 22.03.2021, an order was passed allowing the Debtor Company to be liquidated, and Mr. Pramod Dattaram Rasa was appointed as the Liquidator. Several CoC meetings were held, but no resolution was possible due to the absence of assets or business. The CoC unanimously decided to liquidate the Corporate Debtor. The Liquidator intimated various departments about the liquidation process and formed a Stakeholders Consultation Committee

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Dhanashri Tooling Systems Pvt. Ltd., should be dissolved under …

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

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**Reasoning:** The court reasoned that the Liquidator had presented sufficient evidence demonstrating

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**Interpretation:** Section 54 is interpreted to mean that once the assets of a corporate debtor

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**Application:** In this case, the court applied Section 54 to the facts presented, noting that

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## Parties

- **Judges:** H.V. Subb…; ANURADHA SANJAY…
- **Appellants:** Ajay Ag…
- **Respondents:** Dhanashri Tooling…

## Timeline

- **2019-07-15 — Initiation…**: The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP)…
- **2021-03-22 — Order for Liq…**: An order was passed allowing 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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