# In the matter of M.N. Horological Industries Private Limited

> NCLT judgment dated 2025-02-04. Citation: TCN-2025-NCLT-00529. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of M.N.Horological…

- **Court:** NCLT
- **Order date:** 4 Feb 2025
- **Citation:** TCN-2025-NCLT-00529
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mn-horological-industries-private-limited-1425ddda

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of M.N.Horological Industries Private Limited. The CIRP was initiated by the Tribunal on 23.07.2019. The applicant was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). A public announcement was made on 30.07.2019, inviting claims from creditors. The CoC passed a resolution to liquidate the Corporate Debtor on 18.01.2020. The Tribunal ordered the liquidation on 05.05.2020 and appointed the applicant as liquidator. The liquidator issued a public announcement in Form-B in newspapers on 17.07.2020.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of M.N.Horological Industries Private Limited was initiated on 23.07.2019. The applicant was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). A public announcement was made on 30.07.2019, inviting claims from creditors. The CoC passed a resolution to liquidate the Corporate Debtor on 18.01.2020. The Tribunal ordered the liquidation on 05.05.2020 and appointed the applicant as liquidator. The liquidator issued a public announcement in Form-B in newspapers on 17.07.2020. Claims were received from various stakeholders, and a Stakeholders' Consultation Committee was constituted. Bank of Baroda, a secured financial creditor, submitted a claim and decided to relinquish its

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor has been completely liquidated as per the provisions of the Insolvency …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, provides for the dissolution of

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**Reasoning:** The Tribunal considered the averments made in the Application, the final report, and the

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**Interpretation:** Section 54 of the IBC, 2016, mandates that upon completion of the liquidation

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**Application:** Based on the liquidator's report and compliance certificate, the Tribunal

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** SR Marine &…
- **Respondents:** M.N.Horological…; MN Horological…

## Timeline

- **2019-07-23 — CIRP Init…**: CIRP of the Corporate Debtor…
- **2019-07-30 — Public Annou…**: Applicant issued a public announcement in…

## 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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