# In the matter of Ellenbarrie Exim Limited

> NCLT judgment dated 2024-11-26. Citation: TCN-2024-NCLT-00164. The case involves an application for the dissolution of Ellenbarrie Exim Limited, a corporate…

- **Court:** NCLT
- **Order date:** 26 Nov 2024
- **Citation:** TCN-2024-NCLT-00164
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ellenbarrie-exim-limited-1d96a2ae

## Summary

### Background

The case involves an application for the dissolution of Ellenbarrie Exim Limited, a corporate debtor, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated pursuant to an order dated April 30, 2024, and a Resolution Professional was appointed. Despite publishing Form G twice, no Expression of Interest (EoI) was received. The Committee of Creditors (CoC) decided against further publication of Form G and opted for liquidation due to the debtor's inoperative status and lack of assets.

## Facts

Ellenbarrie Exim Limited was subjected to Corporate Insolvency Resolution Process (CIRP) following an order on 2024-04-30. A Resolution Professional was appointed. Despite two publications of Form G, no Expression of Interest (EoI) was received. The company was found to be inoperative with virtually no assets, leading the CoC to decide against further Form G publications and to pursue liquidation. The 5th CoC meeting decided on 2024-10-21 that the corporate debtor could be directly dissolved without liquidation. The corporate debtor had stopped functioning from the financial year 2009-2010, had no other business relationships, and possessed no fixed assets for dissolution/liquidation. The debtor had a bank account with a balance of Rs. 89,081, marked as lien by Income

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## Issues and analysis

### Issue 1: Whether the corporate debtor, Ellenbarrie Exim Limited, should be dissolved without undergoing the …

**Ratio:** The ratio is based on the principle that if a corporate debtor has no assets and no

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**Reasoning:** The court reasoned that since there were no assets to liquidate and no funds to cover

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**Interpretation:** The interpretation is that Section 60(5) of the IBC allows the NCLT to exercise

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**Application:** In this case, the court applied the ratio and reasoning to the specific facts

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Respondents:** Ellenbarrie Exim…

## Timeline

- **2024-04-30 — Order for CIRP…**: Order passed by the Bench to initiate the Corporate Insolvency Resolution Process (CIRP)…
- **2024-10-21 — 5th CoC M…**: Decision made in the 5th CoC meeting to directly dissolve the corporate debtor without…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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