# In the matter of Gujarat State Construction Corporation Limited IA No. 861-NCLT-AHM-2022 in CP (IB) No. 665-NCLT-AHM-2019

> NCLT judgment dated 2023-02-08. Citation: TCN-2023-NCLT-04728. The case pertains to an application filed under Section 54 and 60(5) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 8 Feb 2023
- **Citation:** TCN-2023-NCLT-04728
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gujarat-state-construction-corporation-limited-ia-no-861-nclt-ahm-2022-in-cp-ib-5e21b321

## Summary

### Background

The case pertains to an application filed under Section 54 and 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC) read with regulations 44 to 46 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, and Rule 11 of NCLT Rules, 2016, seeking the dissolution of the Corporate Debtor, Gujarat State Construction Corporation Limited. The Corporate Debtor had previously filed an application under Section 10 of IBC, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP), which was admitted on 2020-11-11. Mr. Arvind Gaudana was appointed as the Interim Resolution Professional (IRP) and later as the Liquidator. The Committee of Creditors (CoC) resolved to initiate the liquidation process on 2021-09-03, and the Adjudicating

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## Facts

The Corporate Debtor, Gujarat State Construction Corporation Limited, underwent Corporate Insolvency Resolution Process (CIRP) after filing an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was admitted on 2020-11-11. Mr. Arvind Gaudana was appointed as the Interim Resolution Professional (IRP) and later as the Liquidator. The Committee of Creditors (CoC) resolved to initiate liquidation on 2021-09-03, and the Adjudicating Authority approved it on 2022-03-02. The Liquidator made public announcements, filed stakeholder lists, and conducted an e-auction of assets, including an L & T Pocklain 90 CK Hydraulic Excavator Machine, which was allotted to M/s. Khandha Trading Corporation for Rs. 6,30,000/-. The total amount deposited

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Gujarat State Construction Corporation Limited, should be dissolved …

**Ratio:** Section 54(2) of the Insolvency and Bankruptcy Code, 2016, provides for the dissolution

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**Reasoning:** The Adjudicating Authority found that the Liquidator had conducted and completed the

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**Interpretation:** Section 54(2) of the IBC is interpreted to mean that once the liquidation

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**Application:** In this case, the Liquidator had completed the liquidation process, disposed of

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## Parties

- **Judges:** Madan B.…; Mr.Kaushalendra…
- **Appellants:** Arvind Gaudana…
- **Respondents:** Gujarat State…; Executive…

## Timeline

- **2020-11-11 — CIRP Admi…**: The application under section 10 of IBC, 2016 for initiation of Corporate Insolvency…
- **2021-09-03 — CoC Resolution for…**: The Committee of Creditors (CoC) resolved to initiate the liquidation process of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54 — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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