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

> NCLT judgment dated 2024-01-23. Citation: TCN-2024-NCLT-02953. The application, IA 579/NCLT/AHM/2022 in CP(IB) 537/AHM/2018, was filed by the liquidator of…

- **Court:** NCLT
- **Order date:** 23 Jan 2024
- **Citation:** TCN-2024-NCLT-02953
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gupta-dyeing-and-printing-mills-pvt-ltd-701d13b3

## Summary

### Background

The application, IA 579/NCLT/AHM/2022 in CP(IB) 537/AHM/2018, was filed by the liquidator of the Corporate Debtor, M/s 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 06.02.2019, appointing an Interim Resolution Professional. Subsequently, on 19.12.2019, the Bench ordered the initiation of the Liquidation Process, and Manish Kumar Bhagat was appointed as the liquidator.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Gupta Dyeing & Printing Mills Pvt Ltd following a petition filed by Shivom Packaging Private Limited, an Operational Creditor. The NCLT, Ahmedabad Bench, initiated CIRP on 06.02.2019. Subsequently, the Bench ordered the initiation of the Liquidation Process on 19.12.2019, and Manish Kumar Bhagat was appointed as the liquidator. The liquidator made a public announcement on 28.12.2029, calling upon stakeholders to submit their claims. The 7th CoC Meeting on 10.06.2022 resolved to liquidate the Corporate Debtor. The liquidator filed an application under Section 54 of the IBC 2016 and Regulation 45 (3) of the IBBI (Liquidation Process) Regulations 2016. The application revealed that Punjab

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## Issues and analysis

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

**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 Corporate Debtor had been completely liquidated, and no

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**Interpretation:** Section 54(2) provides the legal basis for dissolving a corporate entity once

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**Application:** Given that M/s Gupta Dyeing & Printing Mills Pvt Ltd had been completely

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## Parties

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

## Timeline

- **2019-02-06 — Initiation…**: The NCLT, Ahmedabad Bench, initiated the Corporate Insolvency Resolution Process (CIRP)…
- **2019-12-19 — Initiation of…**: The Bench ordered the initiation of the Liquidation Process of M/s Gupta Dyeing &…

## 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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