# In the matter of GB Raja Top Weaving Private Limited IA(IBC)-115-CHE-2022 in MA-824-2019 in CP-1215-IB-2018

> NCLT judgment dated 2023-02-15. Citation: TCN-2023-NCLT-04593. The case pertains to IA(IBC)/115/CHE/2022 filed in MA/824/2019 in CP/1215/IB/2018 before the…

- **Court:** NCLT
- **Order date:** 15 Feb 2023
- **Citation:** TCN-2023-NCLT-04593
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gb-raja-top-weaving-private-limited-iaibc-115-che-2022-in-ma-824-2019-in-cp-1215-a830b390

## Summary

### Background

The case pertains to IA(IBC)/115/CHE/2022 filed in MA/824/2019 in CP/1215/IB/2018 before the National Company Law Tribunal (NCLT), Division Bench – I, Chennai. The application was filed under Section 54(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 45 of the IBBI (Liquidation Process) Regulations, 2016, and Rule 11 of NCLT Rules, 2016. The matter concerns GB Raja Top Weaving Private Limited, with Mr. M. Suresh Kumar serving as the liquidator. The CIRP was initiated on 25.01.2019, and the company was ordered for liquidation on 29.08.2019. The liquidator took steps such as public announcements, stakeholder consultations, and e-auctions to realize the assets of the corporate debtor.

## Facts

On 25.01.2019, the NCLT ordered the commencement of the Corporate Insolvency Resolution Process (CIRP) for GB Raja Top Weaving Private Limited, initiated by an Operational Creditor, GHCL Limited. Mr. C. Ramasubramaniam was appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Mahalingam Suresh Kumar as the Resolution Professional on 28.05.2019. Subsequently, on 29.08.2019, the NCLT ordered the liquidation of GB Raja Top Weaving Private Limited, and Mr. Suresh Kumar was appointed as the Liquidator. The Liquidator made public announcements on 06.09.2019, inviting claims from stakeholders and intimating statutory authorities. State Bank of India, the sole Financial Creditor, filed its claim. The final list of stakeholders was filed on 07.11.2019.

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## Issues and analysis

### Issue 1: Whether the assets of the corporate debtor have been completely liquidated as per Section 54(1) of …

**Ratio:** Section 54(1) of the IBC, 2016 stipulates that where the assets of the corporate debtor

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**Reasoning:** The Tribunal considered the averments made in the application, the final report, and the

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**Interpretation:** Section 54(1) provides the condition precedent for the liquidator to apply for

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**Application:** In this case, the Liquidator demonstrated that the assets of GB Raja Top

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## Parties

- **Judges:** Ramalingam…; SAMEER…
- **Appellants:** Mr.M.Suresh…
- **Respondents:** GB Raja Top…
- **Advocates:** A.G. Sathyanarayan…

## Timeline

- **2019-01-25 — Commencement…**: NCLT ordered the commencement of CIRP of…
- **2019-05-28 — Appointment of…**: Mr.Mahalingam Suresh Kumar was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54(1) — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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