# In the matter of Gupta Dyeing and Printing Mills Pvt. Ltd.

> NCLT judgment dated 2024-01-23. Citation: TCN-2024-NCLT-02961. The application, IA 579/NCLT/AHM/2022 in CP(IB) 537/AHM/2018, was filed by the liquidator,…

- **Court:** NCLT
- **Order date:** 23 Jan 2024
- **Citation:** TCN-2024-NCLT-02961
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gupta-dyeing-and-printing-mills-pvt-ltd-1915ca11

## Summary

### Background

The application, IA 579/NCLT/AHM/2022 in CP(IB) 537/AHM/2018, was filed by the liquidator, Manish Kumar Bhagat, of the corporate debtor, Gupta Dyeing & Printing Mills Pvt Ltd, under Section 54 of the Insolvency and Bankruptcy Code, 2016, seeking an order for dissolution. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition by an operational creditor, Shivom Packaging Private Limited. The NCLT, Ahmedabad Bench, initiated CIRP on 2019-02-06, appointing Gordhanbhai Ratnabhai Godhani as the Interim Resolution Professional. Subsequently, the bench ordered the initiation of the Liquidation Process on 2019-12-19, and Manish Kumar Bhagat was appointed as the liquidator.

## Facts

Manish Kumar Bhagat, as the liquidator of Gupta Dyeing & Printing Mills Pvt Ltd, filed an application (IA 579/NCLT/AHM/2022) seeking the dissolution of the corporate debtor under Section 54 of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated by Shivom Packaging Private Limited, an operational creditor. The NCLT, Ahmedabad Bench, initiated CIRP on 2019-02-06. Liquidation was ordered on 2019-12-19, and Manish Kumar Bhagat was appointed as the liquidator. The liquidator made a public announcement on 2029-12-28, inviting stakeholders to submit claims. The 7th Committee of Creditors (CoC) meeting on 2022-06-10 resolved to liquidate the corporate debtor. Punjab National Bank is the sole financial creditor.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Gupta Dyeing & Printing Mills Pvt Ltd, should be dissolved under …

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

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**Reasoning:** The court reasoned that the liquidator had followed the due process of liquidation,

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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, Manish Kumar Bhagat, had completed the

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Manish Kumar…
- **Respondents:** Gupta Dyeing and…; Punjab National…

## Timeline

- **2018-01-01 — CP(IB) 537/AHM/2018…**: Corporate Insolvency…
- **2019-02-06 — CIRP Init…**: NCLT, Ahmedabad Bench…

## 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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