# In the matter of Elevated Mercantile Private Limited

> NCLT judgment dated 2025-03-04. Citation: TCN-2025-NCLT-00412. The case pertains to an Interlocutory Application filed by Mr. Subodh Balkrishna Gokhale, the…

- **Court:** NCLT
- **Order date:** 4 Mar 2025
- **Citation:** TCN-2025-NCLT-00412
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/elevated-mercantile-private-limited-5828d574

## Summary

### Background

The case pertains to an Interlocutory Application filed by Mr. Subodh Balkrishna Gokhale, the Liquidator of Elevated Mercantile Private Limited (Corporate Debtor), seeking dissolution of the Corporate Debtor under Section 54 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated on 05.06.2018 based on an application by Eden Rose Trading Private Limited, the Operational Creditor. Mr. Navin Khandelwal was initially appointed as the Interim Resolution Professional (IRP), but he sought discharge due to personal difficulties, and the Applicant was appointed as the Resolution Professional (RP). As no resolution plan was received, the Committee of Creditors (CoC) passed a resolution to liquidate the Corporate Debtor, and

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## Facts

The Corporate Insolvency Resolution Process (CIRP) for Elevated Mercantile Private Limited was initiated on 05.06.2018 following an application by Eden Rose Trading Private Limited, an Operational Creditor. Navin Khandelwal was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by the current applicant, Subodh Balkrishna Gokhale, due to Khandelwal's personal difficulties. With no resolution plan materializing, the Committee of Creditors (CoC) opted for liquidation, formalized by a Liquidation Order on 15.03.2019. The liquidator then invited claims from stakeholders, receiving eleven claims from Operational Creditors and claims from two shareholders. The Corporate Debtor's assets were limited to Trade Receivables amounting to Rs.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Elevated …

**Ratio:** The Corporate Debtor deserves to be dissolved if the liquidation process has been duly

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**Reasoning:** The court reasoned that the affairs of the Corporate Debtor have been wound up, and its

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**Interpretation:** This interpretation emphasizes the importance of adhering to the established

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**Application:** Given that the liquidator followed the Code and Regulations, liquidated the

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## Parties

- **Judges:** ANIL RAJ C…; K. R. SAJI…
- **Appellants:** Subodh Balkrishna…
- **Respondents:** Elevated Mercantil…; Eden Rose Trading…

## Timeline

- **2018-05-06 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP) commenced based on application by Eden…
- **2019-03-15 — Liquidation…**: Liquidation Order passed as no…

## 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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