# In the matter of Polychroic Petrochemicals Private Limited

> NCLT judgment dated 2023-12-19. Citation: TCN-2023-NCLT-00132. The Interlocutory Application (IA 1861/2022) was filed by the Liquidator, Avil Menezes, for the…

- **Court:** NCLT
- **Order date:** 19 Dec 2023
- **Citation:** TCN-2023-NCLT-00132
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/polychroic-petrochemicals-private-limited-97d20e4e

## Summary

### Background

The Interlocutory Application (IA 1861/2022) was filed by the Liquidator, Avil Menezes, for the dissolution of the Corporate Debtor, Polychroic Petrochemicals Pvt. Ltd., under Section 54 read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016, and Rule 11 of the National Company Law Tribunal Rules, 2016. The Corporate Debtor had previously initiated its own Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Code, vide CP (IB) 1313/2017.

## Facts

Polychroic Petrochemicals Pvt. Ltd. initiated its own Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code, 2016, via CP (IB) 1313/2017. The liquidation process was approved on 20.02.2019, and Avil Menezes was appointed as the Liquidator. A public announcement was made on 05.03.2019. The Liquidator filed a final report on 01.07.2022, stating that all assets had been liquidated. The liquidator then filed IA 1861/2022 seeking dissolution of the Corporate Debtor under Section 54 of the IBC. The new bank account opened on 30.03.2019 has been closed on 16.06.2023. The applicant has intimated RoC vide Form INC28 about the Commencement of Liquidation.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Polychroic Petrochemicals Pvt. Ltd., should be dissolved under …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, stipulates that where the assets

…

**Reasoning:** The court reasoned that since the liquidator had filed a final report stating that all

…

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

…

**Application:** In this case, the liquidator, Avil Menezes, confirmed that all assets of

…

## Parties

- **Judges:** Prabhat…; V.G. B…
- **Appellants:** Avil Me…
- **Respondents:** Polychroic…

## Timeline

- **2017-01-01 — CP (IB)…**: CP (IB) No. 1313/MB/2017 filed by the…
- **2019-02-20 — Liquidation A…**: Liquidation process against the Corporate…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/polychroic-petrochemicals-private-limited-97d20e4e