# In the matter of Patidar Exim Private Limited

> NCLT judgment dated 2024-01-30. Citation: TCN-2024-NCLT-02847. The case involves an application for the dissolution of Patidar Exim Private Limited, a…

- **Court:** NCLT
- **Order date:** 30 Jan 2024
- **Citation:** TCN-2024-NCLT-02847
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/patidar-exim-private-limited-8997340d

## Summary

### Background

The case involves an application for the dissolution of Patidar Exim Private Limited, a corporate debtor, under Section 54(1) of the IB Code, 2016. Indiabulls Consumers Finance Limited initiated the corporate insolvency resolution process (CIRP) against Patidar Exim Pvt Ltd under Section 7 of the IBC. An IRP was initially appointed but could not take up the assignment. Subsequently, another IRP, Mr. Sumit Jagdishchandra Shah, was appointed and later confirmed as the Resolution Professional (RP). The RP conducted eight CoC meetings, but no resolution plan was approved. Preferential transactions were discovered. The AA ordered for liquidation of the Corporate Debtor and the applicant was appointed as Liquidator.

## Facts

Patidar Exim Private Limited was incorporated on 12.05.1994. Its authorized and paid-up share capital was Rs.5,00,00,000/-. The company was engaged in the business of importing, exporting, and dealing in wood products. Indiabulls Consumers Finance Limited filed an application under Section 7 of the IBC, which was admitted on 04.02.2022. Mr. Arun Kumar Malani was initially appointed as IRP but could not take up the assignment. Mr. Sumit Jagdishchandra Shah was appointed as IRP and later confirmed as RP. The IRP published advertisements inviting claims. Eight CoC meetings were conducted. No resolution plan was received. Preferential transactions of approximately Rs.1,02,00,000/- were discovered. The AA ordered liquidation on 15.12.2022, and the applicant was appointed as

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, Patidar Exim Private Limited, …

**Ratio:** Section 54(1) of the IB Code, 2016, allows for the dissolution of a corporate debtor

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**Reasoning:** The court considered the reports submitted by the Liquidator, the compliance certificate,

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**Interpretation:** Section 54(1) provides the legal basis for dissolving a corporate entity once

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**Application:** The court applied Section 54(1) to the facts of the case, noting that the

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Respondents:** Patidar Exim Pvt…
- **Advocates:** Mano Ra…; M. Rama…

## Timeline

- **1994-05-12 — Incorporation of…**: Patidar Exim Private…
- **2022-02-04 — Admission of Application…**: Application No. CP(IB) No.134/7/HDB/2020 filed by Indiabulls Consumers Finance Limited…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54(1) — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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