# In the matter of ECI Infra Towers Company Private Limited

> NCLT judgment dated 2024-09-05. Citation: TCN-2024-NCLT-00661. The case pertains to the dissolution of ECI Infra Towers Company Private Limited, a corporate…

- **Court:** NCLT
- **Order date:** 5 Sept 2024
- **Citation:** TCN-2024-NCLT-00661
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/eci-infra-towers-company-private-limited-d5310b91

## Summary

### Background

The case pertains to the dissolution of ECI Infra Towers Company Private Limited, a corporate debtor, under Section 54(1) of the Insolvency and Bankruptcy Code (IBC), 2016. The liquidation process was initiated following an order by the National Company Law Tribunal (NCLT), Hyderabad Bench. Ms. Kalpana G was appointed as the liquidator to oversee the process. The liquidator took steps such as issuing public announcements, verifying claims, filing preliminary reports, and conducting stakeholder consultation meetings. The secured financial creditor, United Bank of India (later assigned to M/s Omkara Asset Reconstruction Private Limited), had a security interest over the corporate debtor's assets but proceeded to sell the assets through SARFAESI proceedings without

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## Facts

ECI Infra Towers Company Private Limited was undergoing liquidation under the IBC, with Ms. Kalpana G appointed as the liquidator. Bank of India was the financial creditor. The liquidation process involved public announcements, claim verification, and stakeholder meetings. A key asset of the corporate debtor was secured by United Bank of India, later assigned to M/s Omkara Asset Reconstruction Private Limited. The secured creditor proceeded to sell the assets through SARFAESI proceedings without relinquishing the security interest to the liquidation estate, leading to legal challenges. The Tribunal directed the secured creditor to comply with Regulation 21A(2) and pay the CIRP and liquidation expenses, which they eventually did. The liquidation period was extended

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## Issues and analysis

### Issue 1: Whether the Corporate …

**Ratio:** Section 54 of the IBC lays down the criteria for the dissolution of a corporate debtor.

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**Reasoning:** The Tribunal considered the liquidator's actions, the status of the corporate debtor's

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**Interpretation:** Section 54 of the IBC allows for the dissolution of a corporate debtor when its

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**Application:** The Tribunal applied Section 54 of the IBC and Regulation 45 of the IBBI

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## Parties

- **Judges:** Rajeev Bh…; SH. CHARAN…
- **Appellants:** Bank of…
- **Respondents:** ECI Infra Towers…

## Timeline

- **2023-02-28 — Liquidation…**: Tribunal ordered liquidation of the Corporate Debtor and appointed Ms. Kalpana G as the…
- **2023-03-05 — Public Annou…**: Liquidator issued public announcement in Form-B of Schedule-II of Liquidation Process…

## 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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