# In the matter of M.P.L. Cars Private Limited

> NCLT judgment dated 2024-07-12. Citation: TCN-2024-NCLT-01014. The case pertains to the dissolution of M/s. MPL Cars Private Limited, a corporate debtor…

- **Court:** NCLT
- **Order date:** 12 Jul 2024
- **Citation:** TCN-2024-NCLT-01014
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mpl-cars-private-limited-1b39a997

## Summary

### Background

The case pertains to the dissolution of M/s. MPL Cars Private Limited, a corporate debtor undergoing liquidation under the Insolvency and Bankruptcy Code, 2016 (IBC). The Corporate Insolvency Resolution Process (CIRP) was initiated on 2019-08-13, and liquidation was ordered on 2021-01-27. The liquidator, Mr. K. Sivalingam, filed an application under Section 54(1) of the IBC seeking dissolution of the corporate debtor, stating that all assets had been liquidated and no further investigation was required.

## Facts

M/s. MPL Cars Private Limited (the 'Corporate Debtor') underwent Corporate Insolvency Resolution Process (CIRP) initiated on 2019-08-13. Liquidation was ordered on 2021-01-27, and Mr. K. Sivalingam was appointed as the liquidator. Public announcements were made to invite claims from stakeholders. The liquidator stated that the corporate debtor had no realizable or salable assets and that continuing the liquidation process would only increase costs. The liquidator filed a list of stakeholders, a preliminary report detailing the Asset Memorandum, Form H, and a Closure report. The liquidator also convened a stakeholders consultation committee. The liquidator opened a liquidation account on 2021-03-09 with State Bank of India. The liquidator could not form a liquidation

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## Issues and analysis

### Issue 1: Whether the assets of the corporate debtor, M/s. MPL Cars Private Limited, have been completely …

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

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**Reasoning:** The tribunal relied on the liquidator's submissions, closure cum progress report, Form H

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**Interpretation:** The phrase 'completely liquidated' is interpreted to mean that all available

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**Application:** In this case, the liquidator demonstrated that there were no assets in the name

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** K. Sival…
- **Respondents:** MPL Cars Private…

## Timeline

- **2019-08-13 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2021-01-27 — Liquidation…**: Liquidation of the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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