# In the matter of Pier One Constructions Private Limited

> NCLT judgment dated 2024-07-15. Citation: TCN-2024-NCLT-01009. The case pertains to an application for the dissolution of the Corporate Debtor, M/s Pier One…

- **Court:** NCLT
- **Order date:** 15 Jul 2024
- **Citation:** TCN-2024-NCLT-01009
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pier-one-constructions-private-limited-0ac77c46

## Summary

### Background

The case pertains to an application for the dissolution of the Corporate Debtor, M/s Pier One Constructions Private Limited, filed by the Liquidator under Section 54 of the Insolvency & Bankruptcy Code, 2016, read with Regulation 45(3)(b) of The IBBI (Liquidation Process) Regulations 2016. An application under Section 7 of the Code was initially filed by the Operational Creditor, M/s Variscon Engineering Services Private Limited, to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Adjudicating Authority admitted the petition on 21.11.2017 and appointed Mr. Sandeep Goel as the Interim Resolution Professional (IRP). Subsequently, due to the absence of viable resolution plans, the applicant filed an application seeking

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## Facts

M/s Variscon Engineering Services Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against M/s Pier One Constructions Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority admitted the petition on 2017-11-21 and appointed Mr. Sandeep Goel as the Interim Resolution Professional (IRP). Due to the absence of any viable resolution plans, the IRP filed an application for liquidation, which was approved on 2018-07-04, and Mr. Goel was appointed as the Liquidator. A public announcement was made on 2017-12-14, and the last date for receipt of claims was specified as 2017-12-25. The Committee of Creditors (CoC) was constituted on 2018-01-04, comprising Standard Chartered Bank as the sole financial

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## Issues and analysis

### Issue 1: Whether the assets of the Corporate Debtor have been completely liquidated as required under …

**Ratio:** Section 54 of the IBC stipulates that where the assets of the corporate debtor have been

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**Reasoning:** The Adjudicating Authority considered the submissions of the Liquidator and the documents

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**Interpretation:** The interpretation of Section 54 requires a determination of whether all assets

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**Application:** In this case, the sole asset was liquidated through an e-auction conducted by

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; RAHUL BHA…
- **Appellants:** M/s Variscon…
- **Respondents:** M/s Pier One…

## Timeline

- **2016-01-01 — IBC Enac…**: Insolvency and…
- **2017-11-21 — Admission of…**: Adjudicating Authority admitted the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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