# In the matter of Royalpet Vanijya Private Limited

> NCLT judgment dated 2024-03-19. Citation: TCN-2024-NCLT-02028. The case involves an application filed under section 54(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 19 Mar 2024
- **Citation:** TCN-2024-NCLT-02028
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/royalpet-vanijya-private-limited-d398c585

## Summary

### Background

The case involves an application filed under section 54(1) of the Insolvency and Bankruptcy Code, 2016, read with regulation 45(3) of the Insolvency and Bankruptcy Board of India [Liquidation Process] Regulations, 2016, by the Liquidator of Royalpet Vanijya Private Limited, seeking the dissolution of the Corporate Debtor. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 01 December 2021, and Mr. Sudipta Ghosh was appointed as the Interim Resolution Professional, later confirmed as Resolution Professional. The CoC approved the initiation of liquidation on 05 May 2022, and the adjudicating authority passed the liquidation order on 27 June 2022. Public announcement of the liquidation commencement was made on 01 July 2022.

## Facts

Oval Distributors Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Royalpet Vanijya Private Limited. The Adjudicating Authority admitted Royalpet Vanijya Private Limited into CIRP on 01 December 2021, appointing Mr. Sudipta Ghosh as the Interim Resolution Professional. Subsequently, Mr. Ghosh's appointment was confirmed. The 5th Committee of Creditors (CoC) meeting held on 05 May 2022, resolved to initiate liquidation of the Corporate Debtor. The Adjudicating Authority passed the liquidation order on 27 June 2022, appointing Mr. Sudipta Ghosh as the Liquidator. Public announcement of the liquidation commencement was made on 01 July 2022. The liquidator conducted e-auctions and received Rs 7,13,600/- from Hytone Merchants Private Limited

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, Royalpet Vanijya Private Limited, …

**Ratio:** Section 54(1) of the Insolvency and Bankruptcy Code, 2016, allows for the dissolution of

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**Reasoning:** The court considered the reports and compliance certificates submitted by the liquidator,

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**Interpretation:** Section 54(1) provides the legal basis for dissolving a corporate debtor once

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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:** BIDISHA BA…; D. Ar…
- **Appellants:** Oval Distributors…
- **Respondents:** Royalpet Vanijya…

## Timeline

- **2021-12-01 — Admission in…**: Royalpet Vanijya Private Limited was admitted into Corporate Insolvency Resolution…
- **2022-05-05 — CoC Approval for…**: The Committee of Creditors (CoC) approved the initiation of liquidation of the Corporate…

## 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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