# In the matter of Prescot Productions Private Limited

> NCLT judgment dated 2024-12-09. Citation: TCN-2024-NCLT-00088. The case pertains to the dissolution of Prescot Productions Private Limited under the…

- **Court:** NCLT
- **Order date:** 9 Dec 2024
- **Citation:** TCN-2024-NCLT-00088
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/prescot-productions-private-limited-a048e0e2

## Summary

### Background

The case pertains to the dissolution of Prescot Productions Private Limited under the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated on 23.08.2019, and Mr. P R Raman was appointed as the Interim Resolution Professional (IRP), later becoming the Resolution Professional (RP). Liquidation was ordered on 02.09.2021, and Ms. Mekala was appointed as the Liquidator. The liquidator filed an application seeking the dissolution of the Corporate Debtor and directions for payment of liquidation costs. The CoC opted for liquidation due to insufficient realizable properties to cover the liquidation costs. The RP had determined certain transactions as avoidable, but no application was filed under IBC. The assets of the Corporate

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## Facts

The Corporate Insolvency Resolution Process (CIRP) of Prescot Productions Private Limited was initiated on 2019-08-23. Mr. P R Raman was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The liquidation of the Corporate Debtor was ordered on 2021-09-02, and Ms. Mekala was appointed as the Liquidator. The liquidator made a public announcement on 2021-09-16. The liquidator contacted City Union Bank to open a 'No Lien Liquidation Account' on 2021-10-04, which was eventually opened on 2021-12-29 with a balance of Rs. 22,554. The liquidator received two claims: one from the Financial Creditor for Rs. 92,69,149 and another from the ESI department for Rs. 5,08,960. The liquidator contacted the promoters of the Corporate

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Prescot Productions Private Limited, should be dissolved under …

**Ratio:** Section 54 of the IBC, 2016, provides for the dissolution of a corporate debtor after the

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**Reasoning:** The Tribunal considered the averments made in the application, the final report, and the

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**Interpretation:** Section 54 of the IBC allows for the dissolution of a corporate debtor when the

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**Application:** In this case, the Corporate Debtor had been completely liquidated, and there

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** B. Me…
- **Respondents:** Prescot Production…; Jacob Scien…

## Timeline

- **2019-08-23 — CIRP Init…**: CIRP of the Corporate…
- **2021-09-02 — Liquidation…**: Liquidation of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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