# In the matter of Hindusthan Ispat Private Limited IA No. 1074 of 2022 in CP (IB) No. 319-7-HDB-2020

> NCLT judgment dated 2022-12-16. Citation: TCN-2022-NCLT-00143. The case pertains to an application filed under Section 54(1) of the Insolvency & Bankruptcy…

- **Court:** NCLT
- **Order date:** 16 Dec 2022
- **Citation:** TCN-2022-NCLT-00143
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hindusthan-ispat-private-limited-ia-no-1074-of-2022-in-cp-ib-no-319-7-hdb-2020-35cb718a

## Summary

### Background

The case pertains to an application filed under Section 54(1) of the Insolvency & Bankruptcy Code (IBC), 2016, read with Regulation 45 of the Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016, for the dissolution of M/s Hindustan Ispat Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following the admission of a Company Petition filed under Section 7 of the IBC by a Financial Creditor. Subsequently, the Committee of Creditors (COC) resolved to liquidate the company, and a liquidator, Mrs. Mummaneni Vazra Laxmi, was appointed. The liquidator took steps to notify the public about the liquidation proceedings and invited claims from stakeholders. The liquidator filed reports

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Hindustan Ispat Private Limited after the admission of a petition filed by Bollina Uma Devi, a Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Shri M. Madhusudhan Rao Gonugunta was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (COC) resolved to liquidate the company in its meeting held on 28.04.2021. Subsequently, Mrs. Mummaneni Vazra Laxmi was appointed as the Liquidator. The Liquidator published notices in newspapers intimating the public about the liquidation proceedings. The Liquidator verified and collated the claims and filed a list of stakeholders. The Liquidator also filed preliminary and progress reports. The

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## Issues and analysis

### Issue 1: Whether the Corporate …

**Ratio:** Section 54 of the IBC lays down the criteria for the dissolution of a corporate debtor.

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**Reasoning:** The Tribunal considered the final report filed by the Liquidator, which disclosed that

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**Interpretation:** Section 54 of the IBC provides the legal basis for dissolving a corporate

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**Application:** In this case, the Tribunal applied Section 54 of the IBC and Regulation 45 of

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## Parties

- **Judges:** N. Venkata…; SH. CHARAN…
- **Appellants:** MUMMANENI VAZRA…
- **Respondents:** Hindustan Ispat…

## Timeline

- **2021-02-23 — Admission of Company…**: The Tribunal admitted the Company Petition CP (IB) No. 319/7/HDB/2020 filed under Section…
- **2021-04-28 — COC Resolution for…**: The Committee of Creditors (COC) in its 2nd meeting unanimously resolved to liquidate the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54(1) — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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