# In the matter of Inspan Infotech Private Limited

> NCLT judgment dated 2023-11-17. Citation: TCN-2023-NCLT-00734. The application IA (IBC)/1710(CHE)/2023 in IBA/354/IB/2020 was filed under Section 54 of the…

- **Court:** NCLT
- **Order date:** 17 Nov 2023
- **Citation:** TCN-2023-NCLT-00734
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/inspan-infotech-private-limited-2dc8e7c4

## Summary

### Background

The application IA (IBC)/1710(CHE)/2023 in IBA/354/IB/2020 was filed under Section 54 of the Insolvency and Bankruptcy Code, 2016, concerning Inspan Infotech Private Limited. The CIRP was initiated on 2021-03-22, and V.Senthikumar was appointed as Interim Resolution Professional (IRP). The IRP convened the first CoC meeting on 2021-04-30. The second meeting was held on 2021-06-25, where Kobian PTE Limited proposed Geetha Sridhar as the Resolution Professional. Geetha Sridhar withdrew her consent at the third CoC meeting on 2021-07-26, and V.Senthilkumar was appointed as the Resolution Professional (RP). Liquidation was ordered on 2021-11-25, and the applicant was appointed as the Liquidator. The liquidator caused a public announcement on 2021-12-03.

## Facts

The Corporate Debtor, Inspan Infotech Private Limited, underwent CIRP initiated on 2021-03-22. V.Senthikumar was initially appointed as the IRP, followed by Geetha Sridhar's brief consideration as RP, and eventually V.Senthikumar was appointed as RP. Liquidation was ordered on 2021-11-25, and the applicant, S.Shivshanker, was appointed as the Liquidator. Public announcement was made on 2021-12-03. Claims were received from various operational creditors. An application was filed to release the lien on Fixed Deposit Receipts held by IDBI Bank, which was ordered by the Tribunal on 2023-01-31. The Corporate Debtor's assets consisted of discarded computer hardware peripherals, which were disposed of as scrap. The proceeds were credited to the Liquidator's account. A

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Inspan Infotech Private Limited, should be dissolved under Section 54 …

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

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**Reasoning:** The court considered the averments made in the application, the final report, and the

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**Interpretation:** Section 54 of the IBC, 2016, is interpreted to mean that once the liquidation

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**Application:** Based on the facts presented, the court applied Section 54 of the IBC, 2016, to

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** S.Shivsh…
- **Respondents:** Inspan Infotech…
- **Advocates:** A.G. Sathyanarayan…

## Timeline

- **2021-03-22 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated for Inspan Infotech Private…
- **2021-03-22 — Appointment…**: V.Senthikumar appointed as Interim…

## Legal provisions

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

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