# In the matter of Lindsay International Private Limited

> NCLT judgment dated 2024-08-01. Citation: TCN-2024-NCLT-00899. Gates India Private Limited, an operational creditor, initiated Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 1 Aug 2024
- **Citation:** TCN-2024-NCLT-00899
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lindsay-international-private-limited-8fcdf980

## Summary

### Background

Gates India Private Limited, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Lindsay International Private Limited. The CIRP was admitted on June 29, 2022, and Mr. Milan Sachindra Nath Chatterjee was appointed as the IRP. The Committee of Creditors decided on August 30, 2022, to put the Corporate Debtor under liquidation. The liquidation process commenced on June 27, 2023, with the appointment of the liquidator. The liquidator made public announcements in Financial Express and Aajkal. The respondent had a fixed deposit of Rs. 250 lakhs with IndusInd Bank Limited, which was repeatedly requested to be transferred to the Corporate Debtor's account. The liquidator convened Stakeholders Consultation Committee (SCC) meetings. The

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## Facts

Gates India Private Limited initiated CIRP against Lindsay International Private Limited under Section 9 of the Insolvency and Bankruptcy Code. The CIRP was admitted on June 29, 2022, and Mr. Milan Sachindra Nath Chatterjee was appointed as the IRP. The Committee of Creditors decided on August 30, 2022, to liquidate the Corporate Debtor. The liquidation process commenced on June 27, 2023, with Mr. Chatterjee as the liquidator. A public announcement was made in Financial Express and Aajkal. The Corporate Debtor had a fixed deposit of Rs. 250 lakhs with IndusInd Bank Limited. The liquidator convened Stakeholders Consultation Committee (SCC) meetings on July 12, 2023, August 30, 2023, December 21, 2023, and January 18, 2024. The liquidator distributed amounts to unsecured

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## Issues and analysis

### Issue 1: Whether the assets of the corporate debtor have been completely liquidated as required under …

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

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**Reasoning:** The liquidator has submitted that all assets of the Corporate Debtor have been disposed

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**Interpretation:** Section 54(1) mandates that the liquidation process must be fully completed,

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**Application:** In this case, the liquidator has demonstrated that all assets of Lindsay

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** Gates India…
- **Respondents:** Lindsay Internatio…

## Timeline

- **2022-06-29 — CIRP Admi…**: Corporate Insolvency Resolution Process (CIRP) initiated against Lindsay International…
- **2022-08-30 — Liquidation D…**: Committee of Creditors decided to put the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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