# In the matter of Pacific Multi-Commodity Limited

> NCLT judgment dated 2023-09-14. Citation: TCN-2023-NCLT-01628. The application was filed by the Liquidator, Ms. Nishi Jain, seeking an order for the…

- **Court:** NCLT
- **Order date:** 14 Sept 2023
- **Citation:** TCN-2023-NCLT-01628
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pacific-multi-commodity-limited-48f83ac9

## Summary

### Background

The application was filed by the Liquidator, Ms. Nishi Jain, seeking an order for the dissolution of the Corporate Debtor, Pacific Multi-Commodity Limited, under Section 54 of the Insolvency and Bankruptcy Code, 2016.

## Facts

Stepping Stone Financial Services Private Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Pacific Multi-Commodity Limited, the Corporate Debtor, for a default amount of Rs. 42,55,000/- due as of June 1, 2019. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor on January 2, 2020, and appointed Mr. Manoj Kumar Jain as the Interim Resolution Professional (IRP). The IRP made a public announcement for claims on January 7, 2020. Only one claim was received from the Financial Creditor, Stepping Stone Financial Services Private Limited, for Rs. 42,55,000/-, which constituted 100% of the voting share in the Committee of Creditors (CoC). In the

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Pacific Multi-Commodity Limited, should be dissolved under Section 54 …

**Ratio:** A corporate debtor can be dissolved if its realizable properties are insufficient to

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**Reasoning:** The Tribunal found that the realizable properties of the corporate debtor were

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**Interpretation:** The court interpreted Section 54(1) of the IBC, 2016, and Regulation 14 of the

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**Application:** Given that the Corporate Debtor had no assets to be liquidated beyond a bank

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Nishi…
- **Respondents:** Pacific Multi-Comm…
- **Advocates:** Ricky S…; For the Petitioner…

## Timeline

- **June 1, 2019 — Default Amo…**: Default amount of Rs. 42,55,000/- was due…
- **January 2, 2020 — CIRP Init…**: Adjudicating Authority ordered the initiation of Corporate Insolvency Resolution Process…

## 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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