# In the matter of Quantum Concrete LLP

> NCLT judgment dated 2023-08-22. Citation: TCN-2023-NCLT-01964. The case involves an application under Section 54 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 22 Aug 2023
- **Citation:** TCN-2023-NCLT-01964
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/quantum-concrete-llp-350a63d6

## Summary

### Background

The case involves an application under Section 54 of the Insolvency and Bankruptcy Code, 2016, read with regulation 45(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The application was filed by the liquidator of Quantum Concrete LLP, seeking the dissolution of the corporate debtor. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) vide order dated 01.01.2020, and subsequently, liquidation was ordered on 22.01.2021, with Mr. Sushil Agrawal appointed as the liquidator.

## Facts

Mr. Vinod Kumar Agarwal is the Operational Creditor. Quantum Concrete LLP is the Corporate Debtor. The Adjudicating Authority admitted the Corporate Debtor into Corporate Insolvency Resolution Process (CIRP) on 01.01.2020 and appointed Mr. Satish Patodia as Interim Resolution Professional. Subsequently, Mr. Sushil Agarwal was appointed as Resolution Professional and later as Liquidator after the liquidation order was passed on 22.01.2021. Public announcement of the commencement of liquidation was made on 26.01.2021. The liquidator filed a Preliminary Report and Asset Memorandum with Hon'ble NCLT. The average liquidation value arrived by the registered valuers was Rs.32,19,450/-. The liquidator issued sale notice for sale of assets on 23.09.2021. Mr. Sanjay Kumar was

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## Issues and analysis

### Issue 1: Whether the affairs of the Corporate Debtor have been completely wound up and its assets have been …

**Ratio:** The legal principle applied is that if the affairs of the Corporate Debtor have been

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**Reasoning:** The court reasoned that upon hearing the Liquidator and on perusal of the documents

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**Interpretation:** This involves interpreting the evidence presented by the liquidator to

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**Application:** Based on the liquidator's report and annexed documents, the court determined

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## Parties

- **Judges:** Rohit K…; Balraj…; +1 more
- **Respondents:** Quantum Concrete…
- **Advocates:** Rakhit La…; Siddharth…

## Timeline

- **2020-01-01 — Admission in…**: The Adjudicating Authority admitted the Corporate Debtor under Corporate Insolvency…
- **2021-01-22 — Liquidation…**: An order of liquidation was passed…

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