# In the matter of Nife Fire Systems Private Limited

> NCLT judgment dated 2023-12-11. Citation: TCN-2023-NCLT-00317. The case involves an application filed by the liquidator of Nife Fire Systems Private Limited,…

- **Court:** NCLT
- **Order date:** 11 Dec 2023
- **Citation:** TCN-2023-NCLT-00317
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nife-fire-systems-private-limited-4339e20e

## Summary

### Background

The case involves an application filed by the liquidator of Nife Fire Systems Private Limited, the Corporate Debtor (CD), seeking dissolution of the CD. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 2018-03-13 following a Section 9 application by Autocop India Pvt Ltd. Subsequently, the CD was put into liquidation by NCLT, Chennai, on 2018-10-05. The liquidation commenced on 2018-10-05. The Stakeholder's Consultation Committee (SCC) resolved on 2020-12-09 to move the application for dissolution. The liquidator filed an application seeking exclusion of time period from 2020-03-15 to 2022-02-28 and to extend time upto 2024-03-31, which was allowed by the Tribunal on 2023-12-07.

## Facts

The liquidator of Nife Fire Systems Private Limited filed an application seeking the dissolution of the Corporate Debtor. The Corporate Debtor was admitted into CIRP on 2018-03-13 based on a Section 9 application by Autocop India Pvt Ltd and subsequently put into liquidation on 2018-10-05. The liquidation commenced on 2018-10-05. The SCC resolved to move the application for dissolution on 2020-12-09. The liquidator filed an application seeking exclusion of time period from 2020-03-15 to 2022-02-28 and to extend time upto 2024-03-31, which was allowed by the Tribunal on 2023-12-07. The applicant carried out public announcement in Form B on 2018-10-16. The liquidator stated that no claim has been received by him. The SCC was constituted on 2019-09-24 with Syndicate Bank

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## Issues and analysis

### Issue 1: Whether the assets of the corporate debtor have been completely liquidated as per Section 54 of the …

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

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**Reasoning:** The court noted that the assets of the Corporate Debtor had been completely liquidated

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**Interpretation:** Section 54 of the IBC, 2016, is interpreted to mean that once the assets of a

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**Application:** In this case, the assets of Nife Fire Systems Private Limited were completely

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## Parties

- **Judges:** T Krishna…; Shyam Babu…
- **Appellants:** S. RAJA…
- **Respondents:** Nife Fire Systems…; AUTOCOP(INDIA)…
- **Advocates:** Sujesh…

## Timeline

- **2018-03-13 — CIRP Admi…**: Corporate Debtor admitted to Corporate Insolvency Resolution Process (CIRP) based on…
- **2018-10-05 — Liquidation…**: Corporate Debtor put into…

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