# In the matter of Katariya Pet Private Limited

> NCLT judgment dated 2024-05-16. Citation: TCN-2024-NCLT-01318. The case involves an application filed under Section 54(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 16 May 2024
- **Citation:** TCN-2024-NCLT-01318
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/katariya-pet-private-limited-981e493f

## Summary

### Background

The case involves an application filed under Section 54(1) of the Insolvency and Bankruptcy Code, 2016, seeking the dissolution of Katariya Pet Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition by Rasayano, an Operational Creditor, under Section 9 of the IBC. The CIRP was admitted on 2019-12-06. Megha Agrawal was appointed as the Interim Resolution Professional (IRP) on 2020-01-16 and later as the Liquidator. The Committee of Creditors (CoC) resolved for liquidation on 2020-12-23, and the liquidation commenced on 2022-01-28.

## Facts

Rasayano, an Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking Corporate Insolvency Resolution Process (CIRP) against Katariya Pet Private Limited. The petition was admitted on 2019-12-06. Megha Agrawal was appointed as the Interim Resolution Professional (IRP) on 2020-01-16 and later as the Liquidator after the Committee of Creditors (CoC) resolved for liquidation on 2020-12-23. The liquidation commenced on 2022-01-28. The Liquidator made public announcements, constituted a Stakeholders' Consultation Committee (SCC), and filed progress reports. Six independent registered valuers were appointed to value the assets. E-auctions were conducted to sell the assets, including land, building, plant, machinery, and

…

## Issues and analysis

### Issue 1: Whether the liquidation process was conducted in accordance with the provisions of the Insolvency …

**Ratio:** The ratio is that the liquidation process must adhere to the extant provisions and manner

…

**Reasoning:** The court examined the facts and circumstances and found that the Liquidator had followed

…

**Interpretation:** This issue requires interpreting the procedural requirements of the IBC and

…

**Application:** The court applied this ratio by reviewing the actions taken by the Liquidator,

…

## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** Megha Ag…
- **Respondents:** Katariya Pet…; Rasay…

## Timeline

- **2019-12-06 — CIRP Admi…**: The Company Petition filed by Rasayano, the Operational Creditor, seeking Corporate…
- **2020-01-16 — Appointment…**: Ms. Megha Agrawal was appointed as the Interim Resolution Professional (IRP) of the…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/katariya-pet-private-limited-981e493f