# In the matter of Diabari Tea Company Limited I.A. (IB) No. 860-KB-2021 in C.P. (IB) No. 399-KB-2017

> NCLT judgment dated 2022-01-31. Citation: TCN-2022-NCLT-04321. The case involves an application filed under section 54(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 31 Jan 2022
- **Citation:** TCN-2022-NCLT-04321
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/diabari-tea-company-limited-ia-ib-no-860-kb-2021-in-cp-ib-no-399-kb-2017-c7aa34f0

## Summary

### Background

The case involves an application filed under section 54(2) of the Insolvency and Bankruptcy Code, 2016, read with regulation 45(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, by the Liquidator of Diabari Tea Company Limited, seeking early dissolution of the Corporate Debtor. The Adjudicating Authority admitted the Corporate Debtor under Corporate Insolvency Resolution Process (CIRP) on 17.06.2019 and appointed an Interim Resolution Professional. The Resolution Professional was unable to publish Expression of Interest due to non-availability of information about the assets of the Corporate Debtor. The Committee of Creditors unanimously resolved to put the Corporate Debtor in liquidation on 06.12.2019, and a liquidation order

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## Facts

K.N. Chowdhury & Co. Private Limited is the Operational Creditor. Diabari Tea Company Limited was admitted into Corporate Insolvency Resolution Process (CIRP) by the Adjudicating Authority on 17.06.2019. An Interim Resolution Professional was appointed, but he was unable to publish Expression of Interest due to lack of asset information. The Committee of Creditors resolved to liquidate the Corporate Debtor on 06.12.2019, and a liquidation order was passed on 11.03.2020. Partha Pratim Ghosh was appointed as Liquidator. Public announcement was made on 16.03.2020. The Liquidator received only two claims and submitted them on 04.01.2021. The Liquidator filed a Preliminary Report and Asset Memorandum on 04.01.2021. Two properties were sold before CIRP. The Liquidator

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## Issues and analysis

### Issue 1: Whether there is any impediment to the dissolution of the Corporate Debtor, Diabari Tea Company …

**Ratio:** The legal principle applied is that if the assets of the Corporate Debtor are

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**Reasoning:** The court reasoned that the Liquidator had complied with the necessary regulations and

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**Interpretation:** The interpretation is that the Insolvency and Bankruptcy Code allows for the

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** K.N. Chowdhury &…
- **Respondents:** Diabari Tea…

## Timeline

- **2019-06-17 — Admission in…**: The Adjudicating Authority admitted Diabari Tea Company Limited into Corporate Insolvency…
- **2019-12-06 — Resolution for…**: The Committee of Creditors unanimously resolved to put the Corporate Debtor in…

## 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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