# In the matter of Richa Creation India Private Limited

> NCLT judgment dated 2025-06-04. Citation: TCN-2025-NCLT-00016. The case pertains to an application filed under Section 54(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 4 Jun 2025
- **Citation:** TCN-2025-NCLT-00016
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/richa-creation-india-private-limited-03ef1a9a

## Summary

### Background

The case pertains to an application filed under Section 54(1) of the Insolvency and Bankruptcy Code, 2016, seeking the dissolution of Richa Creation India Private Limited, the Corporate Debtor (CD). The Corporate Insolvency Resolution Process (CIRP) was initiated under Section 7 of the IBC, and the applicant, Devendra P. Jain, was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Due to the non-resolution of the CD during the CIRP period, the Committee of Creditors (CoC) passed a resolution for the liquidation of the CD. The applicant was then appointed as the liquidator. Public announcement was made to invite claims from creditors, and a Stakeholders' Consultation Committee (SCC) was formed.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Richa Creation India Private Limited was initiated under Section 7 of the IBC. Devendra P. Jain was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Due to the non-resolution of the CD during the CIRP period, the Committee of Creditors (CoC) passed a resolution for the liquidation of the CD, and Devendra P. Jain was appointed as the liquidator. The liquidator made a public announcement to invite claims from creditors and formed a Stakeholders' Consultation Committee (SCC). The liquidator faced challenges due to the obsolete nature of the assets and the lack of adequate information from the suspended board of directors. E-auctions were conducted, and

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## Issues and analysis

### Issue 1: Whether the assets of the Corporate Debtor have been completely liquidated as per Section 54 of the …

**Ratio:** Section 54(1) of the IBC states that where the assets of the Corporate Debtor have been

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**Reasoning:** The Tribunal examined the submissions made by the liquidator's counsel and the documents

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**Interpretation:** Section 54(1) of the IBC provides the basis for the liquidator to apply for the

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**Application:** In this case, the Tribunal found that the assets of Richa Creation India

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## Parties

- **Judges:** ANIL RAJ C…; K. R. SAJI…
- **Appellants:** Devendra P…
- **Respondents:** Richa Creation…
- **Advocates:** Atishay…; Tanushree…; +1 more

## Timeline

- **2017-08-16 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of the CD was initiated under section 7 of…
- **2019-04-09 — Liquidation…**: The Bench allowed the commencement of liquidation process of the CD and the Applicant was…

## 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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