# In the matter of Minerva Executive Apartments Private Limited

> NCLT judgment dated 2023-11-24. Citation: TCN-2023-NCLT-00576. The case pertains to IA (IBC)/549/2021 filed by the Liquidator of M/s. Minerva Executive…

- **Court:** NCLT
- **Order date:** 24 Nov 2023
- **Citation:** TCN-2023-NCLT-00576
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/minerva-executive-apartments-private-limited-9e621049

## Summary

### Background

The case pertains to IA (IBC)/549/2021 filed by the Liquidator of M/s. Minerva Executive Apartments Private Limited, the Corporate Debtor (CD), under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 45(3)(a) of the IBBI (Liquidation Process) Regulations, 2016. The application seeks certain prayers related to the liquidation process. The Corporate Insolvency Resolution Process (CIRP) was initiated against the CD vide order dated 05.03.2019, after a Company Petition was filed by Union Bank of India. The Applicant was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Following a decision in the 8th COC meeting, an IA was filed for the liquidation of the CD, which was allowed. The

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Minerva Executive Apartments Private Limited ('Corporate Debtor' or 'CD') based on a petition filed by Union Bank of India ('Financial Creditor' or 'FC'). The Adjudicating Authority admitted the petition on 05.03.2019. An Interim Resolution Professional (IRP) was appointed, who was later confirmed as the Resolution Professional (RP). Following a decision in the 8th Committee of Creditors (COC) meeting, an application was filed for the liquidation of the Corporate Debtor. The Adjudicating Authority allowed the liquidation. The existing RP was appointed as the Liquidator on 26.11.2019. A public announcement was made on 30.11.2019, and claims were received from stakeholders. The Stakeholders

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## Issues and analysis

### Issue 1: Whether the application filed by the Liquidator for closure of the liquidation process of the …

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

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**Reasoning:** The court observed that the Liquidator had sold the Corporate Debtor as a going concern

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**Interpretation:** Regulation 45(3)(a) allows for the closure of liquidation proceedings when the

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**Application:** Since the Corporate Debtor was sold as a going concern, and the Liquidator had

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Respondents:** Minerva Executive…

## Timeline

- **2019-03-05 — Admission of Company…**: The Adjudicating Authority admitted the Company Petition bearing CP (IB)…
- **2019-11-26 — Appointment of…**: The existing Resolution Professional (RP) was appointed as the Liquidator of 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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