# In the matter of GHTS Retails Pvt. Ltd. IA-2276-2021 in (IB)-210(ND)2017

> NCLT judgment dated 2023-01-17. Citation: TCN-2023-NCLT-05017. The case involves an application (IA-2276/2021) before the National Company Law Tribunal…

- **Court:** NCLT
- **Order date:** 17 Jan 2023
- **Citation:** TCN-2023-NCLT-05017
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ghts-retails-pvt-ltd-ia-2276-2021-in-ib-210nd2017-782fff42

## Summary

### Background

The case involves an application (IA-2276/2021) before the National Company Law Tribunal (NCLT), New Delhi Bench, concerning the liquidation of a corporate debtor. The Liquidator has submitted a report in compliance with a previous order dated 2022-07-15, available on the DMS. The Liquidator has provided an explanation for the difference between the liquidation value and the amount realized from the disposal of assets.

## Facts

The case pertains to the liquidation process of a corporate debtor. The Liquidator submitted a report in compliance with the order dated 2022-07-15. The report is available on the DMS. The Liquidator provided an explanation for the difference between the liquidation value and the amount realized. The estimated liquidation value of the assets of the corporate debtor is Rs. 4,28,98,000, while the amount realized from the disposal of assets is Rs. 13,32,042. The IBBI counsel sought time to review the matter and file a report. The RD counsel undertook to inform the RoC about the developments and the requirement of filing a report. The matter is related to Section 54 of the IBC, concerning the dissolution of the company.

## Issues and analysis

### Issue 1: Whether the amount of Rs. 13,32,042/- realised in disposal of assets of CD i.e., against the …

**Ratio:** The ratio is based on the principle that the realized value of assets in a liquidation

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**Reasoning:** The court is not convinced by the Liquidator's explanation for the significant difference

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**Interpretation:** Section 54 of the IBC deals with the dissolution of a company after the

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**Application:** The ratio and reasoning are applied to the specific facts by requiring the IBBI

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## Parties

- **Judges:** SHRI. ASHOK KUMAR…; Shri. L. N.…
- **Appellants:** M/s. PR Internatio…
- **Respondents:** M/s. GTHS Retails…
- **Advocates:** Nidhi K…; Shankari…

## Timeline

- **2022-07-15 — Previous Ord…**: Date of the order with which…
- **2023-01-17 — Order Del…**: Date on which the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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