# In the matter of Maa Tara Ispat Industries Private Limited IA (IB) No. 279-KB-2022 in CP (IB) No. 1223-KB-2018

> NCLT judgment dated 2022-06-17. Citation: TCN-2022-NCLT-02195. The case involves an application filed under Section 54(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 17 Jun 2022
- **Citation:** TCN-2022-NCLT-02195
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/maa-tara-ispat-industries-private-limited-ia-ib-no-279-kb-2022-in-cp-ib-no-1223-b3d7d4a7

## Summary

### Background

The case involves an application filed under Section 54(2) of the Insolvency and Bankruptcy Code, 2016, read with regulation 45(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, by the Liquidator of Maa Tara Ispat Industries Private Limited. The application seeks to consider and take on record the revised and final distribution schedule as per the Final Progress Report, and to dissolve the company. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 09.04.2019, and subsequently, an order of liquidation was passed on 21.02.2020. Mr. Anish Agarwal was appointed as the Liquidator.

## Facts

Vaishno Engineer System Associates initiated insolvency proceedings against Maa Tara Ispat Industries Private Limited. The Adjudicating Authority admitted the Corporate Debtor into CIRP on 09.04.2019, appointing Mr. Pramod Kumar Singh as Interim Resolution Professional. Subsequently, liquidation was ordered on 21.02.2020, and Mr. Anish Agarwal was appointed as the Liquidator. Public announcement of the liquidation was made on 02.09.2021. The Corporate Debtor was not a going concern on the Liquidation Commencement Date, and its only asset was sold via private sale on 14.10.2021 for ₹30,11,000 + 18% GST. The Liquidator distributed the proceeds according to Section 53 of the Code. The affairs of the Corporate Debtor were completely liquidated, and the Liquidator sought

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## Issues and analysis

### Issue 1: Whether the revised and final distribution schedule as per the Final Progress Report should be …

**Ratio:** Regulation 45(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process)

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**Reasoning:** The Liquidator has prepared the revised and final distribution schedule as per the Final

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**Interpretation:** Regulation 45(3) requires the liquidator to submit a final progress report and

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**Application:** The Liquidator's compliance with Regulation 45(3) and the court's satisfaction

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Vaishno Engineer…
- **Respondents:** Maa Tara Ispat…

## Timeline

- **2019-04-09 — Admission in…**: The Adjudicating Authority admitted the Corporate Debtor into Corporate Insolvency…
- **2019-09-20 — Appointment Con…**: Appointment of Mr. Pramod Kumar Singh was…

## 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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