# In the matter of East Mond Infra and Trade Private Limited

> NCLT judgment dated 2023-09-08. Citation: TCN-2023-NCLT-01746. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) for…

- **Court:** NCLT
- **Order date:** 8 Sept 2023
- **Citation:** TCN-2023-NCLT-01746
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/east-mond-infra-and-trade-private-limited-17a55b7a

## Summary

### Background

The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) for East Mond Infra and Trade Private Limited on 05.01.2022, appointing Shri Nitin Daga as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) later appointed Mr. Sushanta Kumar Choudhury as the Resolution Professional (RP). After a failed attempt to find a resolution plan, the CoC decided to liquidate the Corporate Debtor. An application for liquidation was filed, and a liquidation order was passed on 29.09.2022. The liquidator then submitted reports to the Adjudicating Authority and conducted Stakeholder's Consultation Committee (SCC) meetings. The liquidator sought dissolution of the Corporate Debtor.

## Facts

On 05.01.2022, the Adjudicating Authority initiated Corporate Insolvency Resolution Process (CIRP) for East Mond Infra and Trade Private Limited, appointing Shri Nitin Daga as IRP. The CoC appointed Mr. Sushanta Kumar Choudhury as the Resolution Professional (RP) on 02.02.2022. The RP's attempt to find a resolution plan failed. Consequently, the CoC decided to liquidate the Corporate Debtor, and a liquidation order was passed on 29.09.2022. The liquidator submitted reports to the Adjudicating Authority and conducted seven Stakeholder's Consultation Committee (SCC) meetings. The Corporate Debtor had only one class of assets: Securities and Financial Assets (SFA). Two IBBI Registered Valuers valued these assets during the CIRP period. The average liquidation value was

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## Issues and analysis

### Issue 1: Whether the Liquidator has complied with all the conditions and procedural requirements as …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, read with the IBBI Regulations,

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**Reasoning:** The court perused the details provided by the liquidator, including reports, compliance

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**Interpretation:** Section 54 and the IBBI Regulations are interpreted to require a thorough and

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**Application:** In this case, the court found that the liquidator had complied with all the

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## Parties

- **Judges:** T. Krishn…; Manoj Kumar…
- **Appellants:** Sushanta Kumar…
- **Respondents:** East Mond Infra…

## Timeline

- **2022-01-05 — Initiation…**: The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP)…
- **2022-02-02 — Appointment…**: The Committee of Creditors (COC) elected to appoint Mr. Sushanta Kumar Choudhury as 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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