# In the matter of Mota Layja Gas Power Company Limited

> NCLT judgment dated 2025-03-24. Citation: TCN-2025-NCLT-00320. The case involves an application (IA(Dis.)/23(AHM)2024) filed by the liquidator, Mr. Suhas…

- **Court:** NCLT
- **Order date:** 24 Mar 2025
- **Citation:** TCN-2025-NCLT-00320
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mota-layja-gas-power-company-limited-159391b2

## Summary

### Background

The case involves an application (IA(Dis.)/23(AHM)2024) filed by the liquidator, Mr. Suhas Dinkar Bhattbhatt, of Mota Layja Gas Power Company Limited, under Section 54 of the Insolvency and Bankruptcy Code, 2016, seeking the dissolution of the corporate debtor. The liquidation process was initiated following the approval by the Adjudicating Authority. The Interim Resolution Professional (IRP), Mrs. Prajakta Menezes, had previously filed I.A. No. 798 of 2022 in CP (IB) 233 of 2021 under Section 60(5)(c) of the Insolvency & Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016, seeking initiation of the liquidation process. The corporate debtor was placed under liquidation on 27.09.2023, and Mr. Suhas Dinkar Bhattbhatt was appointed as the liquidator.

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## Facts

The Interim Resolution Professional (IRP), Mrs. Prajakta Menezes, filed I.A. No. 798 of 2022 in CP (IB) 233 of 2021 under Section 60(5)(c) of the Insolvency & Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016, seeking initiation of the liquidation process for Mota Layja Gas Power Company Limited. The Adjudicating Authority approved the liquidation of the Corporate Debtor on 27.09.2023, and appointed Mr. Suhas Dinkar Bhattbhatt as the Liquidator. Mr. Manish Santosh Buchasia and Mr. Shreekant Bhoot were appointed as Registered Valuers. A public announcement was issued on 11.10.2023, fixing 27.10.2023 as the last date for submission of claims. The Corporate Debtor possessed only bank balances, including fixed deposits, as the sole assets available for

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the corporate debtor, Mota Layja Gas Power Company …

**Ratio:** Section 54(1) of the IBC states that where the assets of the corporate debtor have been

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**Reasoning:** The Adjudicating Authority observed that the assets of the corporate debtor had been

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**Interpretation:** Section 54 of the IBC provides a mechanism for the dissolution of a corporate

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**Application:** In this case, the Adjudicating Authority was satisfied that the assets of Mota

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## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Respondents:** Mota Layja Gas…

## Timeline

- **2023-09-27 — Liquidation…**: Corporate Debtor placed under liquidation and Mr. Suhas Dinkar Bhattbhatt appointed as…
- **2023-10-07 — Appointment of…**: Mr. Manish Santosh Buchasia and Mr. Shreekant…

## 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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