# In the matter of MPL 2 Wheelers Private Limited

> NCLT judgment dated 2024-08-30. Citation: TCN-2024-NCLT-00716. The case pertains to the Corporate Insolvency Resolution Process (CIRP) and subsequent…

- **Court:** NCLT
- **Order date:** 30 Aug 2024
- **Citation:** TCN-2024-NCLT-00716
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mpl-2-wheelers-private-limited-b707bf4c

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) and subsequent liquidation of MPL 2 Wheelers Private Limited. The CIRP was initiated on 2020-11-13. Following this, the liquidation of the Corporate Debtor was ordered on 2021-11-26. A liquidator was appointed. Public announcement was made on 2021-12-01 inviting claims from stakeholders, with a deadline of 2021-12-26 for submission.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of MPL 2 Wheelers Private Limited was initiated by the Tribunal on 2020-11-13. The applicant was appointed as Interim Resolution Professional (IRP) and later as Resolution Professional (RP). The liquidation of the Corporate Debtor was ordered on 2021-11-26, and the applicant was appointed as the Liquidator. A public announcement was made on 2021-12-01, inviting claims from stakeholders with a deadline of 2021-12-26. Sundaram Home Finance Ltd, the sole secured financial creditor, requested to stay outside the liquidation process. The liquidation bank account was opened on 2022-04-08. The amount realized from the sale of liquidation assets was Nil. The liquidator filed IA/2272/CHE/2023 under Regulation 38 of IBBI

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, MPL 2 Wheelers Private Limited, should be dissolved under Section 54 …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, mandates that where the assets of

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**Reasoning:** The Tribunal observed that the Corporate Debtor's assets had been completely liquidated,

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**Interpretation:** Section 54 provides a clear directive for the dissolution of a corporate debtor

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**Application:** Based on the liquidator's application, final report, and compliance

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** A. Mohan…
- **Respondents:** MPL 2 Wheelers…; Sundaram Bnp…

## Timeline

- **2020-11-13 — CIRP Init…**: CIRP of the Corporate Debtor…
- **2021-11-26 — Liquidation…**: Liquidation of the Corporate…

## 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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