# In the matter of Qutab Realcon Private Limited

> NCLT judgment dated 2024-03-12. Citation: TCN-2024-NCLT-02097. The case involves an application filed by the liquidator of Qutab Realcon Private Limited, the…

- **Court:** NCLT
- **Order date:** 12 Mar 2024
- **Citation:** TCN-2024-NCLT-02097
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/qutab-realcon-private-limited-58a8e783

## Summary

### Background

The case involves an application filed by the liquidator of Qutab Realcon Private Limited, the Corporate Debtor, before the National Company Law Tribunal (NCLT) under Section 54 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking early dissolution of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against Qutab Realcon Private Limited following an application under Section 7 of the IBC by the Financial Creditor, Shakuntlam Securities Private Limited. The application was admitted on 05.05.2022, and Mr. Dharm Vir Gupta was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional. Subsequently, due to the absence of a resolution plan, the RP filed an application for liquidation

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## Facts

Shakuntlam Securities Private Limited, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Qutab Realcon Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 05.05.2022. Dharm Vir Gupta was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. Due to the absence of a resolution plan, an application for liquidation was filed under Section 33(2) of the IBC, which was approved on 02.01.2023, and Dharm Vir Gupta was appointed as the Liquidator. The Liquidator issued public announcements and intimated relevant parties, including Punjab National Bank, Income Tax Department, and the Registrar of

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## Issues and analysis

### Issue 1: Whether the application for early dissolution of the Corporate Debtor, Qutab Realcon Private …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, allows the liquidator to make an

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**Reasoning:** The court reasoned that the Corporate Debtor's assets had been completely liquidated, the

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**Interpretation:** Section 54 and Regulation 14 provide a mechanism for early dissolution of a

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**Application:** In this case, the court applied Section 54 and Regulation 14 to the facts of

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** Shakuntlam…
- **Respondents:** Qutab Realcon…

## Timeline

- **2022-05-05 — CIRP Init…**: Application under Section 7 of IBC admitted, initiating Corporate Insolvency Resolution…
- **2023-01-02 — Liquidation…**: Adjudicating Authority ordered liquidation of the Corporate Debtor and appointed Mr.…

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