# In the matter of RAA International Limited

> NCLT judgment dated 2024-02-29. Citation: TCN-2024-NCLT-02302. The case pertains to the dissolution of RAA International Limited, which was undergoing…

- **Court:** NCLT
- **Order date:** 29 Feb 2024
- **Citation:** TCN-2024-NCLT-02302
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/raa-international-limited-0bffc8c9

## Summary

### Background

The case pertains to the dissolution of RAA International Limited, which was undergoing liquidation. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor by Union Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016. An Interim Resolution Professional (IRP) was appointed, but faced challenges due to non-cooperation from the erstwhile management. Subsequently, the Committee of Creditors (CoC) decided to liquidate the company. A liquidation order was issued, and a liquidator was appointed. The liquidator took steps to identify and take possession of the assets of the Corporate Debtor, including immovable properties and bank accounts. The liquidator also conducted Stakeholders' Consultation Committee (SCC)

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## Facts

Union Bank of India initiated CIRP against RAA International Limited under Section 7 of IBC. Sachin Gopal Jathar was appointed as IRP. Due to non-cooperation from the management, the CoC decided to liquidate the company. On 2021-08-06, a liquidation order was issued, and Partha Kamal Sen was appointed as the Liquidator. The Liquidator published a public announcement inviting claims. The Liquidator submitted reports to the NCLT. The Liquidator tried to obtain books of accounts but received no responses from suspended directors. One immovable property was exclusively held by Union Bank of India. The Liquidator entered a flat with the cooperation of the police but found no books of accounts. Another immovable property, a manufacturing unit, was on lease from Falta SEZ,

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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 principle is that once the affairs of a corporate debtor are completely wound up and

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**Reasoning:** The court considered the efforts made by the liquidator to identify and realize the

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**Interpretation:** This involves interpreting the requirements for dissolution under the IBC and

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**Application:** In this case, the liquidator has taken all necessary steps to identify and

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## Parties

- **Judges:** RohitKa…; Balraj…
- **Appellants:** Partha Kamal Sen,…
- **Respondents:** RAA International…

## Timeline

- **2019-01-01 — CP (IB) No. 37…**: Original Application CP (IB)…
- **2019-11-08 — Commencement…**: Hon'ble Tribunal ordered the commencement of CIRP, appointing Mr. Sachin Gopal Jathar as…

## Legal provisions

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

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