# In the matter of Rosewood Trexim Private Limited

> NCLT judgment dated 2024-07-08. Citation: TCN-2024-NCLT-01054. The case involves the Corporate Insolvency Resolution Process (CIRP) and subsequent liquidation…

- **Court:** NCLT
- **Order date:** 8 Jul 2024
- **Citation:** TCN-2024-NCLT-01054
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rosewood-trexim-private-limited-5dc4890f

## Summary

### Background

The case involves the Corporate Insolvency Resolution Process (CIRP) and subsequent liquidation of M/s Rosewood Trexim Private Limited. Reliance Commercial Finance Limited, the Financial Creditor, initiated CIRP under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 10.10.2019, and an Interim Resolution Professional (IRP) was appointed. The IRP faced challenges in obtaining necessary documents and information from the Ex-Directors. The Committee of Creditors (CoC) was formed with Reliance Commercial Finance Limited as the sole member. The CIRP period expired on 27.01.2021, and the Adjudicating Authority allowed the liquidation of the Corporate Debtor on 30.01.2023 under Section 33(1) of the IBC, appointing a liquidator. The

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## Facts

M/s Rosewood Trexim Private Limited (Corporate Debtor) was incorporated on 31.08.2007 and engaged in underground construction work. Reliance Commercial Finance Limited (Financial Creditor) filed an application under Section 7 of the IBC, 2016, for initiating CIRP against the Corporate Debtor. The application was admitted on 10.10.2019, and CIRP was initiated. The IRP faced difficulties in obtaining documents and information from the Ex-Directors. The registered office of the Corporate Debtor was found locked. The IRP discovered that assets and documents were in respect of M/s Rosewood Projects Private Limited (Sister Concern of CD). The CoC confirmed the appointment of IRP as RP. The RP filed an application against HDFC Bank Ltd seeking de-sealing of the office. The

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor should be allowed given the …

**Ratio:** Section 54(1) of the Insolvency and Bankruptcy Code, 2016 states that where the assets of

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**Reasoning:** The court noted that despite several efforts, there were no realizable inventory/assets

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**Interpretation:** Section 54(1) provides a mechanism for dissolving a corporate debtor when its

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**Application:** The court applied Section 54(1) to the facts of the case, noting that the

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Respondents:** M/s Rosewood…; M/s. Reliance…

## Timeline

- **2019-10-10 — CIRP Init…**: Application under Section 7 of IBC admitted,…
- **2019-10-13 — Public Annou…**: Public announcement in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54(1) — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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