# In the matter of Poscho Steels Private Limited

> NCLT judgment dated 2024-11-13. Citation: TCN-2024-NCLT-00240. The case involves an application for the dissolution of Poscho Steels Private Limited, a…

- **Court:** NCLT
- **Order date:** 13 Nov 2024
- **Citation:** TCN-2024-NCLT-00240
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/poscho-steels-private-limited-5ed127c2

## Summary

### Background

The case involves an application for the dissolution of Poscho Steels Private Limited, a corporate debtor, after the completion of the liquidation process under the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the corporate debtor under Section 7 of the IBC, 2016, with the order dated 09.07.2019. The applicant, Mr. Manish Shah, was appointed as the IRP and later confirmed as RP. The liquidation process commenced following the recommendations of the Committee of Creditors (CoC).

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Poscho Steels Private Limited under Section 7 of the IBC, 2016, on 09.07.2019. Manish Shah was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) recommended the commencement of liquidation proceedings, and a liquidation order was issued on 23.03.2021. Public announcements were made to invite claims from stakeholders. The total current assets of the corporate debtor were INR 5556.79 lakhs, including trade receivables of INR 5556.29 lakhs, while the total current liabilities were INR 9212.91 lakhs. The receivables of INR 5556.29 lakhs were categorized as 'Not Readily Realisable Assets' (NRRA). An

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## Issues and analysis

### Issue 1: Whether the assets of the Corporate Debtor have been completely liquidated, justifying the …

**Ratio:** Section 54(1) of the IBC states that where the assets of the Corporate Debtor have been

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**Reasoning:** The court examined the submissions made by the liquidator and the documents annexed to

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**Interpretation:** Section 54(1) of the IBC provides the legal basis for the dissolution of a

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**Application:** In this case, the liquidator submitted that all assets of Poscho Steels Private

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## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Respondents:** Poscho Steels…

## Timeline

- **2019-07-09 — CIRP Init…**: CIRP initiated against the Corporate…
- **2019-07-09 — IRP Appoi…**: Applicant appointed as…

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