# In the matter of Global Interactive Malls Private Limited IA(I.B.C)-5870-PB-2021 in CP (IB) No. 249(PB)-2018

> NCLT judgment dated 2022-04-08. Citation: TCN-2022-NCLT-03301. The case involves an application (IA-5870/PB/2021) filed by the liquidator, Mahavir Parshad…

- **Court:** NCLT
- **Order date:** 8 Apr 2022
- **Citation:** TCN-2022-NCLT-03301
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/global-interactive-malls-private-limited-iaibc-5870-pb-2021-in-cp-ib-no-249pb-20-ec7a1d84

## Summary

### Background

The case involves an application (IA-5870/PB/2021) filed by the liquidator, Mahavir Parshad Jain, for the dissolution of the corporate debtor, Global Interactive Malls Private Limited. 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. The corporate debtor was originally admitted into Corporate Insolvency Resolution Process (CIRP) based on an application filed under Section 10 of the IBC, 2016. Subsequently, a liquidation order was passed as no resolution plan was received.

## Facts

Global Interactive Malls Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated under Section 10 of the IBC, 2016. Subsequently, due to the absence of a resolution plan, a liquidation order was issued on 15.03.2021. Mahavir Parshad Jain was appointed as the liquidator. The corporate debtor had minimal assets, including one Maruti van and seven old computers, with a cash balance of ₹4,529. The liquidation value was determined to be ₹94,950. E-auction attempts were made, with the highest bid reaching ₹79,000. The total claim received was from SIDBI, amounting to ₹84,86,194. The liquidation process was completed on 31.10.2021. The proceeds from the liquidation, including ₹79,000 from the e-auction and ₹4,529 cash in hand, were distributed to

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, Global Interactive Malls Private …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, provides the legal basis for the

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**Reasoning:** The court considered the submissions of the liquidator, the records placed on file, and

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**Interpretation:** Section 54(2) of the IBC empowers the Adjudicating Authority to order the

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**Application:** The court applied Section 54 of the IBC to the facts of the case, noting that

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Respondents:** Global Interactive…

## Timeline

- **2018-01-01 — CP (IB)-249/20…**: CP (IB)-249/2018 was filed by the Corporate Debtor under Section 10 of the Insolvency and…
- **2019-04-04 — CIRP Init…**: Tribunal initiated the Corporate Resolution Process and appointed Mr. Jitesh Gupta as…

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