# In the matter of Oxford Facilities Management

> NCLT judgment dated 2024-05-21. Citation: TCN-2024-NCLT-01294. The case involves an application under Section 54 of the Insolvency & Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 21 May 2024
- **Citation:** TCN-2024-NCLT-01294
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/oxford-facilities-management-5e4386a1

## Summary

### Background

The case involves an application under Section 54 of the Insolvency & Bankruptcy Code, 2016, and Sub-Regulation 3(b) of Regulation 45 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, for the dissolution of Oxford Facilities Management, the Corporate Debtor. Avaani Oxford Owners Association, the Financial Creditor, initiated the process. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 13.03.2020, and Ms. Sneh Maheswari was appointed as the Interim Resolution Professional, later confirmed as the Resolution Professional. The Committee of Creditors (CoC) approved the liquidation of the Corporate Debtor with a 100% voting share on 05.09.2020, and an order for liquidation was passed on

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## Facts

Avaani Oxford Owners Association initiated proceedings as a Financial Creditor against Oxford Facilities Management, the Corporate Debtor. The Corporate Debtor was admitted into CIRP on 13.03.2020, with Sneh Maheswari appointed as Interim Resolution Professional and later confirmed as Resolution Professional. The CoC approved liquidation on 05.09.2020 with 100% voting share, and liquidation order was passed on 30.12.2022, appointing Sneh Maheswari as Liquidator. Public announcement of liquidation was made on 02.01.2023. Three Stakeholders Consultation Committee meetings were held during the liquidation period. The primary asset was a fixed deposit of Rs. 3.6 crores. Avaani Oxford Owners' Association had an admissible claim of Rs. 4,73,16,865.53. The liquidation period

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, Oxford Facilities Management, …

**Ratio:** Section 54(1) of the Insolvency & Bankruptcy Code, 2016, states that where the assets

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**Reasoning:** The Adjudicating Authority considered that the liquidator had complied with the Code and

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

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**Application:** In this case, the liquidator had completed the liquidation process, distributed

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** Avaani Oxford…
- **Respondents:** Oxford Facilities…

## Timeline

- **2020-03-13 — Admission in…**: Corporate Debtor admitted into Corporate…
- **2020-03-13 — Appointment…**: Ms. Sneh Maheswari appointed as…

## 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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