# In the matter of Harihar International Private Limited

> NCLT judgment dated 2024-07-22. Citation: TCN-2024-NCLT-00974. The case pertains to an application for the dissolution of Harihar International Private…

- **Court:** NCLT
- **Order date:** 22 Jul 2024
- **Citation:** TCN-2024-NCLT-00974
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/harihar-international-private-limited-e99f0416

## Summary

### Background

The case pertains to an application for the dissolution of Harihar International Private Limited, a corporate debtor undergoing liquidation. The operational creditor, RASPL Industries Private Limited, initiated the Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was initiated via C.P. (IB)/458(KB)2019, and the petition was admitted on August 31, 2022. Following a public announcement to creditors, the Committee of Creditors (CoC) determined that the corporate debtor lacked assets or revenue, making liquidation the prudent course of action. The liquidator was appointed on August 2, 2023, and made a public announcement. Several Stakeholders’ Consultation Committee meetings were held. The liquidator

…

## Facts

RASPL Industries Private Limited, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Harihar International Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was initiated via C.P. (IB)/458(KB)2019 and admitted on August 31, 2022. An Interim Resolution Professional made a public announcement on September 3, 2022, inviting claims from creditors. The Committee of Creditors (CoC) determined that Harihar International Private Limited had no assets or revenue, making liquidation the most prudent course of action. The liquidator was appointed on August 2, 2023, and made a public announcement on August 8, 2023. Several Stakeholders’ Consultation Committee meetings were held between September 9,

…

## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, Harihar International Private …

**Ratio:** Section 54 of the Insolvency & Bankruptcy Code states that where the assets of the

…

**Reasoning:** The court considered the provisions of Section 54 of the IBC and Regulation 45 of the

…

**Interpretation:** Section 54 of the IBC provides the mechanism for dissolving a corporate debtor

…

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

…

## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Respondents:** HARIHAR INTERNATIO…

## Timeline

- **2019-01-01 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **2022-08-31 — Petition Ad…**: Petition for CIRP…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/harihar-international-private-limited-e99f0416