# In the matter of Kumar Aquatech Agencies Private Limited

> NCLT judgment dated 2023-10-18. Citation: TCN-2023-NCLT-01150. The case pertains to the dissolution of M/s Kumar Aquatech Agencies Private Limited, a…

- **Court:** NCLT
- **Order date:** 18 Oct 2023
- **Citation:** TCN-2023-NCLT-01150
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kumar-aquatech-agencies-private-limited-7f83c58a

## Summary

### Background

The case pertains to the dissolution of M/s Kumar Aquatech Agencies Private Limited, a corporate debtor, under Section 54(1) of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated via an order dated 2022-06-03 under Section 9 of the IBC. Subsequently, a liquidation order was passed on 2023-02-13, and Mr. Dommeti Surya Rama Krishna Saibaba was appointed as the liquidator. The liquidator took possession of the corporate debtor's assets and properties to form a liquidation estate for asset realization through public auction. A public announcement was made in multiple newspapers on 2023-02-16. The liquidator verified claims and filed a list of stakeholders. The Resolution Professional filed a Preliminary Report

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## Facts

The Corporate Insolvency Resolution Process (CIRP) for M/s Kumar Aquatech Agencies Private Limited was initiated under Section 9 of the IBC, with an order dated 2022-06-03. Subsequently, a liquidation order was issued on 2023-02-13, and Mr. Dommeti Surya Rama Krishna Saibaba was appointed as the liquidator. The liquidator took control of the corporate debtor's assets to facilitate their realization through public auction. A public announcement was made on 2023-02-16. The liquidator verified claims and filed a list of stakeholders. The Resolution Professional submitted a Preliminary Report and Asset Memorandum. A meeting of stakeholders on 2023-04-11 recommended early dissolution due to the absence of assets. The liquidation value of the corporate debtor was reported as

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## Issues and analysis

### Issue 1: Whether the Corporate …

**Ratio:** Section 54 of the IBC lays down the criteria for the dissolution of a corporate debtor.

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**Reasoning:** The Tribunal noted that the assets of the corporate debtor had been completely

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**Interpretation:** Section 54 of the IBC provides a clear framework for the dissolution of a

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**Application:** In this case, the liquidator demonstrated that all assets of M/s Kumar Aquatech

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Respondents:** Kumar Aquatech…

## Timeline

- **2022-06-03 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **2023-02-13 — Liquidation…**: Liquidation order passed, and Mr. Dommeti Surya Rama Krishna Saibaba appointed as…

## 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)

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