# In the matter of Global Coke Limited

> NCLT judgment dated 2024-05-07. Citation: TCN-2024-NCLT-01410. The application IA(IBC)/538(KB)2023 was filed under Section 54(2) of the Insolvency &…

- **Court:** NCLT
- **Order date:** 7 May 2024
- **Citation:** TCN-2024-NCLT-01410
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/global-coke-limited-f7dd4a6a

## Summary

### Background

The application IA(IBC)/538(KB)2023 was filed under Section 54(2) of the Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016, read with Regulation 45(3) of the IBBI (Liquidation Process) Regulations, 2016, and relevant provisions of the Insolvency and Bankruptcy Code, 2016, by the Liquidator, Mr. Avishek Gupta, of Global Coke Limited, the Corporate Debtor, seeking dissolution of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) against the Corporate Applicant was commenced on 2018-05-10. As no resolution plan was received, the Adjudicating Authority ordered the liquidation process on 2019-02-19, appointing Mr. Avishek Gupta as the Liquidator. The last date for completion of the CIRP was 2018-11-06 for 180 days and

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## Facts

The Corporate Insolvency Resolution Process (CIRP) against Global Coke Limited commenced on 2018-05-10 after an application under Section 10 of the Code was admitted. Since no resolution plan was received within the stipulated time, the Adjudicating Authority ordered the liquidation of the Corporate Debtor on 2019-02-19, appointing Mr. Avishek Gupta as the Liquidator. Public announcement was made on 2019-02-23. The liquidator received claims from various creditors and filed the list of stakeholders. The company's assets were sold, and the proceeds were distributed among the stakeholders as per section 53 of the Code. A bank account was opened in the name of 'Global Coke Limited in Liquidation.' The liquidator issued multiple e-auction notices to realize the assets. The

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## Issues and analysis

### Issue 1: Whether the liquidation process of the Corporate Debtor, Global Coke Limited, has been completed as …

**Ratio:** The ratio is based on the provisions of the Insolvency and Bankruptcy Code, 2016,

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**Reasoning:** The court reasoned that the liquidator had realized all the assets of the Corporate

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**Interpretation:** The interpretation involves understanding the requirements for completing the

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Mrs.Bidisha…; Balraj…
- **Respondents:** Global Coke…

## Timeline

- **2018-05-10 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP)…
- **2018-11-06 — CIRP Completion…**: Last date for completion of…

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