# In the matter of Monet Vyapaar Private Limited

> NCLT judgment dated 2024-06-18. Citation: TCN-2024-NCLT-01146. The case involves an application filed under section 54(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 18 Jun 2024
- **Citation:** TCN-2024-NCLT-01146
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/monet-vyapaar-private-limited-d6529e9e

## Summary

### Background

The case involves an application filed under section 54(1) of the Insolvency and Bankruptcy Code, 2016, read with regulation 45(3) of the IBBI [Liquidation Process] Regulations, 2016, by the Liquidator of Monet Vyapaar Private Limited, seeking dissolution of the Corporate Debtor. The Adjudicating Authority had previously admitted the Corporate Debtor into Corporate Insolvency Resolution Process (CIRP) on April 27, 2022, and appointed Mr. Sudipta Ghosh as Interim Resolution Professional, who was later confirmed as Resolution Professional. A liquidation order was passed on March 17, 2023, appointing the RP as Liquidator.

## Facts

The Corporate Debtor, Monet Vyapaar Private Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) on April 27, 2022, and Mr. Sudipta Ghosh was appointed as Interim Resolution Professional, later confirmed as Resolution Professional. A liquidation order was passed on March 17, 2023, appointing the RP as Liquidator. The Liquidator made public announcements inviting claims from stakeholders. The first e-auction was unsuccessful, but the second and third e-auctions were successfully completed on June 10, 2023, and August 21, 2023, respectively. The Corporate Debtor had three bank accounts, which were closed, and the funds were transferred to a liquidation account. The Liquidator filed preliminary and six quarterly progress reports. All assets of the

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Monet Vyapaar Private Limited, should be dissolved given the …

**Ratio:** The legal principle applied is that if the liquidation process has been completed in

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**Reasoning:** The court reasoned that the Liquidator had complied with all necessary regulations,

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**Interpretation:** The interpretation is that upon completion of the liquidation process as per

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** SUBHAM GOODWILL…
- **Respondents:** MONET VYAPAAR…

## Timeline

- **2022-04-27 — Admission in…**: The Adjudicating Authority admitted the Corporate Debtor into Corporate Insolvency…
- **2022-05-26 — Confirmatio…**: Mr. Sudipta Ghosh was confirmed as Resolution Professional in the first meeting of the…

## 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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