# In the matter of Kosak Engineering and Rubber Products Private Limited

> NCLT judgment dated 2024-04-29. Citation: TCN-2024-NCLT-01548. The case pertains to the Corporate Insolvency Resolution Process (CIRP) and subsequent…

- **Court:** NCLT
- **Order date:** 29 Apr 2024
- **Citation:** TCN-2024-NCLT-01548
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kosak-engineering-and-rubber-products-private-limited-a3ef9f4c

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) and subsequent liquidation of Kosak Engineering and Rubber Products Private Limited. The CIRP was initiated on 25.09.2019, and Mr. Pankaj Sham Joshi was appointed as the Interim Resolution Professional (IRP). After the failure of the resolution process, the CoC resolved to liquidate the Corporate Debtor on 14.01.2020, and a liquidation order was passed on 26.03.2021. The liquidator then made public announcements inviting claims from stakeholders. The liquidator prepared a list of stakeholders and constituted the Stakeholders Consultation Committee (SCC). The assets of the Corporate Debtor were valued, and multiple e-auctions were conducted to sell them. The proceeds from the sale were distributed

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## Facts

Kosak Engineering and Rubber Products Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated on 25.09.2019. Pankaj Sham Joshi was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The resolution process failed, leading to a decision by the Committee of Creditors (CoC) on 14.01.2020 to liquidate the company. A liquidation order was issued on 26.03.2021. Pankaj Sham Joshi was then appointed as the liquidator. Public announcements were made to invite claims from stakeholders, with a deadline of 24.04.2021. The liquidator constituted a Stakeholders Consultation Committee (SCC) on 14.05.2021. The assets of the corporate debtor included land & building and plant & machinery, which were

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## Issues and analysis

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

**Ratio:** Section 54(1) of the Insolvency and Bankruptcy Code, 2016 states that where the assets of

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**Reasoning:** The tribunal considered the application for dissolution filed by the liquidator, along

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**Interpretation:** Section 54(1) mandates the liquidator to apply for dissolution once all assets

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**Application:** In this case, the liquidator submitted that all assets were liquidated, and the

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** Pankaj Sham…
- **Respondents:** Kosak Engineering…; Reliance Asset…

## Timeline

- **2019-09-25 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) initiated for Kosak Engineering and Rubber…
- **2019-09-25 — Appointment…**: Mr. Pankaj Sham Joshi appointed as the…

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