# In the matter of Laksh Foods Pvt. Ltd.

> NCLT judgment dated 2024-04-05. Citation: TCN-2024-NCLT-01814. The case involves an application for the dissolution of the Corporate Debtor, M/s Laksh Foods…

- **Court:** NCLT
- **Order date:** 5 Apr 2024
- **Citation:** TCN-2024-NCLT-01814
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/laksh-foods-pvt-ltd-73afc643

## Summary

### Background

The case involves an application for the dissolution of the Corporate Debtor, M/s Laksh Foods Pvt. Ltd., filed by the Resolution Professional (RP) under Section 54 of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated by the Operational Creditor, M/S Holy-Land Marketing Private Limited, under Section 9 of the IBC, 2016. The RP, Mr. Naresh Kumar Munjal, was appointed to carry out the CIRP. The IRP issued announcements, invited claims from creditors, and constituted a Committee of Creditors (CoC). The RP visited the registered office of the Corporate Debtor but found no office being run there for the past four years. The Corporate Debtor had only filed financial statements with the ROC up to March 31, 2014.

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated by M/S Holy-Land Marketing Private Limited against M/S Laksh Foods Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016. Mr. Naresh Kumar Munjal was appointed as the Interim Resolution Professional (IRP). The IRP made public announcements and invited claims from creditors, subsequently forming a Committee of Creditors (CoC). Upon visiting the registered office of the Corporate Debtor, the IRP discovered that no business operations had been conducted at that location for over four years. The Corporate Debtor's financial statements were only filed with the Registrar of Companies (ROC) up to March 31, 2014. The IRP contacted various banks, including Yes Bank, Andhra Bank, and HDFC Bank, to

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, M/s Laksh Foods Pvt. Ltd., under …

**Ratio:** The ratio is based on the principle that if the assets of the Corporate Debtor cannot be

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**Reasoning:** The court reasoned that the assets of the Corporate Debtor could not be realized, and the

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**Interpretation:** Section 54 of the IBC, 2016 allows for the dissolution of a corporate debtor

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**Application:** In this specific case, the court applied the ratio and reasoning to the facts

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## Parties

- **Judges:** RAHUL BHA…; MAHENDRA KHANDELWA…
- **Appellants:** M/s. Holy-Land…
- **Respondents:** M/s. Laksh Foods…
- **Advocates:** Prashant C…; Gulshan Kr.…

## Timeline

- **2018-12-21 — CIRP Init…**: Corporate Insolvency Resolution Process was initiated by the Operational Creditor M/S…
- **2018-12-24 — Visit to Registered…**: The Applicant along with his team visited the registered office of the Corporate Debtor…

## 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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