# In the matter of Indradev Goods Private Limited IA (IB) No. 346-KB-2022 in CP (IB) No. 267-KB-2020

> NCLT judgment dated 2022-05-18. Citation: TCN-2022-NCLT-02720. The case pertains to an application filed under Section 54(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 18 May 2022
- **Citation:** TCN-2022-NCLT-02720
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/indradev-goods-private-limited-ia-ib-no-346-kb-2022-in-cp-ib-no-267-kb-2020-d87aba66

## Summary

### Background

The case pertains to an application filed under Section 54(2) of the Insolvency and Bankruptcy Code, 2016, read with regulation 45(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, by the Liquidator of Indradev Goods Private Limited, seeking the dissolution of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against Indradev Goods Private Limited vide order dated 08.01.2021, based on a petition filed by Hytone Merchants Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. Uday Narayan Mitra was appointed as the Interim Resolution Professional (IRP) and later as the Liquidator after an order of liquidation was passed on 08 November 2021 due to the lack of any

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## Facts

Hytone Merchants Private Limited, a financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Indradev Goods Private Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority ordered the initiation of CIRP on 08.01.2021. Uday Narayan Mitra was appointed as the Interim Resolution Professional (IRP) and later as the Liquidator. Since no Expression of Interest was received, an order of liquidation was passed on 08 November 2021. Public announcement of the liquidation was made on 12 November 2021. The Liquidator received eight claims from the Financial Creditors, with the total admitted claim amounting to Rs.8,61,96,97,588.34/-. A list of stakeholders was submitted on 28 December 2021.

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, Indradev Goods Private Limited, …

**Ratio:** Section 54(2) of the Insolvency and Bankruptcy Code, 2016, allows the liquidator to apply

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**Reasoning:** The court reasoned that the Corporate Debtor had minimal assets and the stakeholders

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

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**Application:** The court applied the provisions of Section 54(2) to the facts of the case,

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Respondents:** Indradev Goods…

## Timeline

- **2021-01-08 — Initiation…**: The Adjudicating Authority directed the initiation of the Corporate Insolvency Resolution…
- **2021-11-08 — Liquidation…**: An order of liquidation was passed due to…

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