# In the matter of Infro-Alliance Trading Private Limited

> NCLT judgment dated 2024-10-29. Citation: TCN-2024-NCLT-00330. The case pertains to an application filed under Section 54 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 29 Oct 2024
- **Citation:** TCN-2024-NCLT-00330
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/infro-alliance-trading-private-limited-c6e9a6b7

## Summary

### Background

The case pertains to an application filed under Section 54 of the Insolvency and Bankruptcy Code, 2016, by the Liquidator, Manoj Kumar Jain, seeking an order for the dissolution of the Corporate Debtor, Infro-Alliance Trading Private Limited, which was already in liquidation. The Corporate Insolvency Resolution Process (CIRP) was initiated by European Projects & Aviation Limited, an Operational Creditor, under Section 9 of the IBC. Subsequently, the CoC decided to liquidate the Corporate Debtor, and the Tribunal initiated liquidation proceedings. The Liquidator took steps to intimate relevant parties, opened a liquidation account, issued a public announcement inviting claims, and appointed registered valuers to conduct valuation of the Corporate Debtor's assets.

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## Facts

European Projects & Aviation Limited initiated CIRP against Infro-Alliance Trading Private Limited under Section 9 of the IBC. The Company Petition No. 4537/IB/MB/2018 was admitted on 2021-08-31. Ritesh Prakash Adatiya was appointed as Interim Resolution Professional (IRP). Manoj Kumar Jain was appointed as the IRP and later as the Resolution Professional (RP). The CoC decided to liquidate the Corporate Debtor in the 3rd CoC Meeting, and the Tribunal initiated liquidation proceedings on 2023-01-30. The Liquidator sent intimation about the commencement of the Liquidation Process to various parties. A Liquidation Account was opened with ICICI Bank on 2023-03-16. A public announcement was issued on 2023-02-18, inviting claims from stakeholders. The total claims

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor under Section 54 of the Insolvency …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, provides for the dissolution of a

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**Reasoning:** The Tribunal considered the various steps taken by the Liquidator during the liquidation

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**Interpretation:** Section 54 of the IBC is interpreted to mean that once the liquidation process

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

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** Manoj Kuma…
- **Respondents:** Infro-Alliance…

## Timeline

- **2018-01-01 — Company Petiti…**: Company Petition No.…
- **2021-08-31 — Company Petition…**: Company Petition No.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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