# 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-05019. The case involves an application (IA-2276/2021) where the Liquidator submits compliance with an…

- **Court:** NCLT
- **Order date:** 17 Jan 2023
- **Citation:** TCN-2023-NCLT-05019
- **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-c89bdd49

## Summary

### Background

The case involves an application (IA-2276/2021) where the Liquidator submits compliance with an order dated 2022-07-15 and has filed a report available on the DMS. The Liquidator has provided an explanation for the difference between the liquidation value and the amount realized. The court is not convinced by the explanation.

## Facts

The Liquidator filed IA-2276/2021 and 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 from the disposal of assets. The amount realized is Rs. 13,32,042, while the estimated liquidation value is Rs. 4,28,98,000. The court is considering an application for the dissolution of the company under Section 54 of the IBC. The IBBI's counsel sought time to review the matter and file a report. The RD counsel undertook to inform the RoC about the developments.

## 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 court's discretion to evaluate the liquidation process and

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

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**Interpretation:** This legal issue involves the interpretation of Section 54 of the IBC, which

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**Application:** The court is applying its discretion to evaluate the facts presented by the

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## Parties

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

## Timeline

- **2022-07-15 — Order Da…**: Date of the order that the…
- **2023-01-17 — Order Del…**: Order delivered on this…

## 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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