# In the matter of KOMOREBI EXPORTS PRIVATE LIMITED

> NCLT judgment dated 2025-05-02. Citation: TCN-2025-NCLT-00131. The application, IA No.170/2021 in CP (IB) No.344/ALD/2018, was filed for the dissolution of…

- **Court:** NCLT
- **Order date:** 2 May 2025
- **Citation:** TCN-2025-NCLT-00131
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/komorebi-exports-private-limited-5bd0e24a

## Summary

### Background

The application, IA No.170/2021 in CP (IB) No.344/ALD/2018, was filed for the dissolution of the Corporate Debtor, Komorebi Exports Private Limited, under Section 54 of the Insolvency & Bankruptcy Code, 2016, read with Regulation 45 of the IBBI (Liquidation Process) Regulations, 2016. The CIRP was initiated under Section 9 of IBC, and Mr. Sarvesh Kashyap was appointed as IRP and later as Liquidator. A public announcement was made inviting claims from stakeholders. A liquidation account was opened, and claims were collated and verified. The liquidator prepared and submitted an Asset Memorandum and Progress Reports.

## Facts

The application IA No.170/2021 was filed for the dissolution of Komorebi Exports Private Limited. The CIRP was initiated under Section 9 of IBC, with Sarvesh Kashyap appointed as IRP and later as Liquidator. A public announcement was made, inviting claims from stakeholders. A liquidation account was opened. The total liquidation value of Plant & Machinery was Rs.14,67,890/-, and Financial Assets were Rs.34,402/-. The sole Financial Creditor did not relinquish rights over secured assets under Section 52 of IBC. Secured assets were sold for Rs.7,50,000/-. The Liquidator advertised for E-auction. CIRP incurred Rs.16,41,971/- and liquidation cost Rs.16,60,846.58. The sole secured financial creditor reimbursed Rs.7,50,000/-. The Resolution Professional filed an

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Komorebi Exports Pvt. Ltd., should be dissolved under Section 54 of …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, and Regulation 45 of the IBBI

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**Reasoning:** The Adjudicating Authority noted that the Liquidator had furnished the Final Report and

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**Interpretation:** Section 54 of IBC allows the Adjudicating Authority to dissolve a corporate

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**Application:** Since the assets of Komorebi Exports Pvt. Ltd. were completely liquidated, and

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** Sundar…
- **Respondents:** Komorebi Exports…

## Timeline

- **2018-01-01 — CP (IB) NO.344…**: The Corporate Insolvency…
- **2019-01-10 — CIRP Admi…**: Application under section 9 of IBC for initiating CIRP was admitted by the Adjudicating…

## 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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