# In the matter of OSPL Infradeal Private Limited

> NCLT judgment dated 2024-03-19. Citation: TCN-2024-NCLT-02027. The case pertains to an application filed under Section 54(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 19 Mar 2024
- **Citation:** TCN-2024-NCLT-02027
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ospl-infradeal-private-limited-72a063e8

## Summary

### Background

The case pertains to an application filed under Section 54(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 45(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, by the Liquidator of OSPL Infradeal Private Limited, seeking the dissolution of the Corporate Debtor. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on February 15, 2019, and Mr. Soumendra Padder was appointed as the Interim Resolution Professional, later confirmed as Resolution Professional. A CoC meeting held on July 26, 2019, resolved to initiate liquidation, and the liquidation order was passed on October 22, 2019, with the RP being appointed as Liquidator. During CIRP and liquidation, it was observed that

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## Facts

Religare Finvest Limited is the Financial Creditor. OSPL Infradeal Private Limited is the Corporate Debtor. An application was filed under Section 54(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 45(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, by the Liquidator, Soumendra Padder, seeking the dissolution of the Corporate Debtor. The Corporate Debtor was admitted into CIRP on February 15, 2019. A CoC meeting on July 26, 2019, resolved to initiate liquidation, and the liquidation order was passed on October 22, 2019. During both CIRP and liquidation, it was observed that the Corporate Debtor had no fixed assets and insufficient realizable property to cover liquidation costs. The Liquidator convened

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## Issues and analysis

### Issue 1: Whether the Corporate …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code (IBC) lays down the criteria for the

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**Reasoning:** The Adjudicating Authority considered the reports and meetings conducted by the

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

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**Application:** In this case, the Liquidator made an application for dissolution, stating that

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** Religare Finvest…
- **Respondents:** OSPL Infradeal…

## Timeline

- **2019-02-15 — Admission in…**: The Adjudicating Authority admitted the Corporate Debtor into Corporate Insolvency…
- **2019-07-26 — CoC Meet…**: The CoC meeting resolved to initiate…

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