# In the matter of R G Shaw & Sons Pvt Ltd

> NCLT judgment dated 2024-06-05. Citation: TCN-2024-NCLT-01229. The case pertains to an application filed under Section 54(2) of the Insolvency & Bankruptcy…

- **Court:** NCLT
- **Order date:** 5 Jun 2024
- **Citation:** TCN-2024-NCLT-01229
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/r-g-shaw-sons-pvt-ltd-a704c161

## Summary

### Background

The case pertains to an application filed under Section 54(2) of the Insolvency & 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 M/s. R G Shaw & Sons Private Limited, seeking the dissolution of the Corporate Debtor. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) vide order dated 12th April, 2017. During the CIRP, no resolution plan was received, leading to a liquidation order against the Corporate Debtor. The liquidator was required to complete the liquidation process within 2 years from the liquidation commencement date. Several extensions were granted to the liquidator to complete the

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## Facts

Naviplast Traders Pvt. Ltd., the Financial Creditor/Applicant, filed an application under section 54(2) of the Insolvency and Bankruptcy Code, 2016 (“Code”) read with regulation 45(3) of the Insolvency and Bankruptcy Board of India [Liquidation Process] Regulations, 2016 (“Liquidation Process Regulations”) by the Liquidator of M/s. R G Shaw & Sons Private Limited (hereinafter referred to as “Corporate “Debtor”) praying for dissolution of the Corporate Debtor. The Adjudicating Authority admitted the Corporate Debtor under Corporate Insolvency Resolution Process (“CIRP”) vide Order dated 12th April, 2017. Mr. Sumit Binani was appointed as Interim Resolution Professional (“IRP”). Subsequently, his appointment was confirmed as the Resolution Professional on 26th July,

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor under Section 54(2) of the …

**Ratio:** Section 54 of the Insolvency & Bankruptcy Code, 2016, provides for the dissolution of

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**Reasoning:** The Adjudicating Authority considered the final report submitted by the liquidator, which

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**Interpretation:** Section 54 of the IBC mandates that upon completion of the liquidation of the

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**Application:** The Adjudicating Authority applied the provisions of Section 54 of the Code and

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** Naviplast Traders…
- **Respondents:** M/s. R.G. Shaw &…; Urmila Chakraborty…

## Timeline

- **2017-04-12 — CIRP Commen…**: The Adjudicating Authority admitted the Corporate Debtor under Corporate Insolvency…
- **2017-07-26 — Appointment of…**: Mr. Sumit Binani's appointment was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54(2) — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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