# In the matter of Radheshyam Fibres Private Limited I.A. No. 88 of 2021 in C.P. (I.B) No. 51-NCLT-AHM-2017

> NCLT judgment dated 2022-03-16. Citation: TCN-2022-NCLT-03691. The case pertains to an application filed by the liquidator under Section 54(1) of the…

- **Court:** NCLT
- **Order date:** 16 Mar 2022
- **Citation:** TCN-2022-NCLT-03691
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/radheshyam-fibres-private-limited-ia-no-88-of-2021-in-cp-ib-no-51-nclt-ahm-2017-4583f55b

## Summary

### Background

The case pertains to an application filed by the liquidator under Section 54(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) for the dissolution of the Corporate Debtor, M/s. Radheshyam Fibers Private Limited. The application is based on the ground that the assets of the Corporate Debtor have been fully liquidated. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) vide order dated 07.08.2017 at the instance of the Financial Creditor under section 7 of the IBC. Mr. Ramchandra D. Chaudhary was appointed as the IRP for the completion of CIRP and formed the Committee of Creditors (COC). No resolution plan was received, and the COC resolved to liquidate the Corporate Debtor on 12.12.2017. The Tribunal appointed the applicant as

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## Facts

M/s. Radheshyam Fibers Private Limited was admitted into CIRP on 07.08.2017 following an application by a financial creditor under Section 7 of the IBC. Ramchandra D. Chaudhary was appointed as the IRP and later as the liquidator. The Committee of Creditors (COC) resolved to liquidate the company on 12.12.2017 as no resolution plan was received. The liquidator initiated the liquidation process, including public announcements and inviting claims from stakeholders. The Corporate Debtor's liabilities were Rs. 47,65,68,475 as of 15.01.2018. The liquidator conducted eight e-auctions, but only three properties were sold, realizing Rs. 1,56,50,000, which was distributed to State Bank of India. Unsold properties were revalued, and a consulting firm was hired to facilitate

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, M/s. Radheshyam Fibers Private …

**Ratio:** Section 54(2) of the Insolvency and Bankruptcy Code, 2016, states that the Adjudicating

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**Reasoning:** The Adjudicating Authority considered the preliminary report, progress report, and final

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**Interpretation:** Section 54(2) of the IBC mandates the Adjudicating Authority to order the

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**Application:** In this case, the liquidator filed the application under Section 54(1), and the

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## Parties

- **Judges:** Madan B.…; Ajai Das Me…
- **Appellants:** Ramchandra D…
- **Respondents:** M/s. Radheshyam…; M/s Radheshyam…

## Timeline

- **2017-08-07 — Admission in…**: Corporate Debtor admitted into Corporate Insolvency Resolution Process (CIRP) at the…
- **2017-12-12 — Resolution to…**: Committee of Creditors resolved to liquidate the Corporate Debtor as no resolution plan…

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