# In the matter of Krishna Premium Care Services LLP

> NCLT judgment dated 2024-11-04. Citation: TCN-2024-NCLT-00311. The case involves an application for the dissolution of Krishna Premium Care Services LLP, a…

- **Court:** NCLT
- **Order date:** 4 Nov 2024
- **Citation:** TCN-2024-NCLT-00311
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/krishna-premium-care-services-llp-6b508683

## Summary

### Background

The case involves an application for the dissolution of Krishna Premium Care Services LLP, a corporate debtor, under Section 54 of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on 2023-04-10. The Resolution Professional (RP) was appointed to conduct the CIRP. Subsequently, the RP issued Form G for inviting Expression of Interest. As no viable resolution plan was received, the Committee of Creditors (CoC) directed the RP to proceed with liquidation. An application was filed to initiate the liquidation process, and the Tribunal passed a liquidation order on 2023-09-06. The liquidator made a public announcement inviting claims against the Corporate Debtor and verified the claims,

…

## Facts

Krishna Premium Care Services LLP was admitted into CIRP on 2023-04-10. Mr. Boga Ram Narayana was appointed as the Resolution Professional. Form G was issued to invite Expression of Interest, but no viable resolution plans were received. The CoC directed the RP to proceed with liquidation. IA No.1391/2023 was filed to initiate the liquidation process, and the Tribunal passed a liquidation order on 2023-09-06. A public announcement was made on 2023-09-13 inviting claims against the Corporate Debtor. The liquidator verified the claims and filed a list of stakeholders with the NCLT. The erstwhile RP filed IA No. 1212 of 2023 under Section 66 of the IBC, which was dismissed on 2024-07-12. The Stakeholder Committee suggested dissolving the Corporate Debtor due to the

…

## Issues and analysis

### Issue 1: Whether the assets of the corporate debtor have been completely liquidated as per Section 54(1) of …

**Ratio:** Section 54(1) of the IBC, 2016 stipulates that where the assets of the corporate debtor

…

**Reasoning:** The Tribunal considered the liquidator's report, which detailed the liquidation process

…

**Interpretation:** Section 54(1) mandates that a corporate debtor can only be dissolved after all

…

**Application:** In this case, the liquidator's report confirmed the complete liquidation of

…

## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** P Nagaraja…
- **Respondents:** Krishna Premium…
- **Advocates:** Varun A…; Aishwarya…

## Timeline

- **2023-04-10 — CIRP Admi…**: The Corporate Debtor was admitted into the…
- **2023-07-24 — CoC Dire…**: The CoC directed the RP to proceed with…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 66 — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66)

---

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/krishna-premium-care-services-llp-6b508683