# In the matter of Good Value Marketing Company Ltd. IA-2316-2023 in CP(IB)-1408(MB)-2017

> NCLT judgment dated 2023-06-23. Citation: TCN-2023-NCLT-02805. The case pertains to an application filed under Section 54(1) r/w Section 60(5) of the…

- **Court:** NCLT
- **Order date:** 23 Jun 2023
- **Citation:** TCN-2023-NCLT-02805
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/good-value-marketing-company-ltd-ia-2316-2023-in-cpib-1408mb-2017-17bfa6d9

## Summary

### Background

The case pertains to an application filed under Section 54(1) r/w Section 60(5) of the Insolvency and Bankruptcy Code, 2016, for the dissolution of Good Value Marketing Co. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 28.12.2018, and Mr. Manoj Kumar Jain was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Public announcement was made, and the CoC was constituted. Despite inviting Expression of Interest (EoI), no EoI was received. Subsequently, the CoC approved the initiation of liquidation proceedings. The Tribunal ordered the liquidation of the Corporate Debtor on 01.07.2022 and appointed the Applicant as the Liquidator.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Good Value Marketing Co. Ltd. on 28.12.2018. Manoj Kumar Jain was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Despite efforts to find a resolution applicant, no Expression of Interest (EoI) was received. Consequently, the Committee of Creditors (CoC) approved the initiation of liquidation proceedings. The Tribunal ordered the liquidation of the Corporate Debtor on 01.07.2022 and appointed the Applicant as the Liquidator. The Liquidator made public announcements, intimated statutory authorities, and opened a new bank account. Only one claim was received from an Operational Creditor for Rs. 1,41,748/-. A preliminary report indicated that

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Good Value Marketing Co. Ltd., should be dissolved under Section …

**Ratio:** Section 54(2) of the Insolvency and Bankruptcy Code, 2016, empowers the Tribunal to order

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**Reasoning:** The Tribunal considered the application for dissolution, the final report submitted by

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**Interpretation:** Section 54(2) provides the legal basis for the Tribunal to order the

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**Application:** The Tribunal applied Section 54(2) to the specific facts of the case, noting

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## Parties

- **Judges:** Shyam Babu…; Kuldip Kumar…
- **Appellants:** Manoj Kuma…
- **Respondents:** Good Value…; Sudam A. K…

## Timeline

- **2018-12-28 — Initiation…**: The Tribunal initiated the Corporate Insolvency Resolution Process (CIRP) against the…
- **2019-01-23 — Public Annou…**: The IRP made a Public…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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