# In the matter of Lokesh Secfin Private Limited

> NCLT judgment dated 2024-11-14. Citation: TCN-2024-NCLT-00225. The Corporate Insolvency Resolution Process (CIRP) of Lokesh Secfin Private Limited was…

- **Court:** NCLT
- **Order date:** 14 Nov 2024
- **Citation:** TCN-2024-NCLT-00225
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lokesh-secfin-private-limited-d05544a7

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) of Lokesh Secfin Private Limited was initiated under Section 10 of the Insolvency and Bankruptcy Code (IBC) by the Tribunal on 2023-09-25. An Interim Resolution Professional (IRP) was appointed, who later became the Resolution Professional (RP). A public announcement was made on 2023-09-28, inviting claims from stakeholders, with a deadline of 2023-10-09. The IRP received a claim from Bank of Baroda for Rs. 756,09,48,751. Union Bank of India submitted a claim for Rs. 350,74,54,309, which was admitted on 2023-11-09. A Committee of Creditors (CoC) was formed, and a resolution was passed for the liquidation of the Corporate Debtor on 2024-02-04. The RP filed an application under section 33(2) of the IBC seeking

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## Facts

Lokesh Secfin Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated under Section 10 of the IBC. A public announcement was made, and claims were invited. Bank of Baroda filed a claim for Rs. 756,09,48,751, and Union Bank of India filed a claim for Rs. 350,74,54,309. The Committee of Creditors (CoC) resolved for liquidation. The realizable value of the Corporate Debtor's assets was 'Nil'. There were no funds to meet the CIRP or liquidation costs. The CoC concurred with early dissolution. The promoters of the Corporate Applicant arranged funds for the liquidation fee. The Applicant maintained a CIRP account and utilized funds for dissolution. The Applicant sent a letter to the Income Tax Department regarding the dissolution application. The

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Lokesh Secfin Private Limited, can be dissolved early under Section …

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

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**Reasoning:** The Tribunal noted that the realizable value of the assets of the Corporate Debtor is

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**Interpretation:** Section 54 and Regulation 14 provide a mechanism for early dissolution when the

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**Application:** In this case, the Tribunal applied Section 54 and Regulation 14 to order the

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Gopin…
- **Respondents:** Lokesh Secfin…

## Timeline

- **2023-09-25 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **2023-09-28 — Public Annou…**: Public announcement made,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

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