# In the matter of Mallick Projects Private Limited

> NCLT judgment dated 2024-07-02. Citation: TCN-2024-NCLT-01088. The case involves an application under Section 54(1) of the Insolvency & Bankruptcy Code, 2016…

- **Court:** NCLT
- **Order date:** 2 Jul 2024
- **Citation:** TCN-2024-NCLT-01088
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mallick-projects-private-limited-e2699561

## Summary

### Background

The case involves an application under Section 54(1) of the Insolvency & Bankruptcy Code, 2016 and Regulation 45 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, seeking the dissolution of Mallick Projects Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated after the Corporate Debtor defaulted on payments. The Committee of Creditors (CoC) approved the liquidation of the Corporate Debtor. Subsequently, an application for liquidation was filed, and the Bench directed the petitioner to seek CoC instructions regarding liquidation or dissolution. The CoC then resolved for dissolution without going into the liquidation process due to the absence of assets in the company.

## Facts

Mallick Projects Private Limited, incorporated under the Companies Act, 1956, faced Corporate Insolvency Resolution Process (CIRP) due to its inability to pay its debts. An application was filed under Section 10 of the Insolvency and Bankruptcy Code, 2016. The NCLT Kolkata Bench admitted the Corporate Debtor into CIRP on 2021-11-25. The petitioner was confirmed as the Resolution Professional (RP) and convened Committee of Creditors (CoC) meetings. In the 5th CoC meeting held on 2022-05-11, the proposal to recommend liquidation was approved. A petition for liquidation was filed on 2022-05-24. The liquidation application was heard on 2022-11-10, and the Bench directed the petitioner to seek CoC instructions regarding liquidation or dissolution. In the 6th CoC meeting

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should allow the dissolution of the Corporate Debtor, Mallick …

**Ratio:** Section 54(2) of the Insolvency and Bankruptcy Code (IBC) states that the Adjudicating

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**Reasoning:** The court reasoned that the applicant (Liquidator) had complied with the Code and its

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

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**Application:** In this case, the CoC resolved for dissolution because the Corporate Debtor had

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Respondents:** Mallick Projects…

## Timeline

- **2021-11-25 — Admission in…**: NCLT Kolkata Bench admitted the Corporate Debtor into Corporate Insolvency Resolution…
- **2022-05-11 — CoC Meet…**: In the 5th Meeting of the CoC, the proposal to recommend liquidation of the Corporate…

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