# In the matter of Inland Facilities Management Private Limited IA(IBC)-200(CHE)2023 in CP-644-IB-CB-2017

> NCLT judgment dated 2023-04-26. Citation: TCN-2023-NCLT-03614. The case pertains to the dissolution of M/s. Inland Facilities Management Private Limited under…

- **Court:** NCLT
- **Order date:** 26 Apr 2023
- **Citation:** TCN-2023-NCLT-03614
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/inland-facilities-management-private-limited-iaibc-200che2023-in-cp-644-ib-cb-20-065afc56

## Summary

### Background

The case pertains to the dissolution of M/s. Inland Facilities Management Private Limited under Section 54 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was involved in marketing and connecting property owners, occupants, contractors, and service providers. An Operational Creditor filed an application under Section 9 of IBC due to the Corporate Debtor's failure to make payments for supplied materials. The Tribunal initiated the Corporate Insolvency Resolution Process (CIRP) on 05.12.2017 and appointed an IRP/RP. A CoC was constituted, but no viable resolution plan emerged, leading to a resolution for liquidation. The Tribunal ordered liquidation on 13.07.2018 and appointed the RP/Applicant as the Liquidator.

## Facts

M/s. Inland Facilities Management Private Limited was involved in marketing and connecting property stakeholders. An Operational Creditor initiated CIRP under Section 9 of IBC due to unpaid dues. The Tribunal initiated CIRP on 05.12.2017. The CoC proposed liquidation due to the absence of a viable resolution plan. The Tribunal ordered liquidation on 13.07.2018 and appointed the RP/Applicant as Liquidator. The Liquidator made public announcements and invited claims. Indian Overseas Bank was the sole Secured Financial Creditor. Bajaj Finance Limited's claim was rejected for late filing, and ESIC's claim was rejected by the Tribunal on 14.11.2022. The Corporate Debtor had no assets, and the Financial Creditor paid the CIRP and liquidation costs. The liquidation process

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Inland Facilities Management Private Limited, should be …

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

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**Reasoning:** The Tribunal reviewed the documents, reports, and compliance certificates and found that

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**Interpretation:** Section 54 provides the legal basis for dissolving a corporate entity once its

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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:** SANJIV…; SAMEER…
- **Respondents:** M/s. INLAND…
- **Advocates:** Pavithra D…

## Timeline

- **2017-12-05 — CIRP Init…**: Tribunal ordered the commencement of the…
- **2018-07-13 — Liquidation…**: Tribunal ordered the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60 — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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