# In the matter of Samtex Desinz Private Limited

> NCLT judgment dated 2024-07-08. Citation: TCN-2024-NCLT-01047. This case involves an application for the dissolution of the Corporate Debtor, M/s Samtex…

- **Court:** NCLT
- **Order date:** 8 Jul 2024
- **Citation:** TCN-2024-NCLT-01047
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/samtex-desinz-private-limited-0fff3e43

## Summary

### Background

This case involves an application for the dissolution of the Corporate Debtor, M/s Samtex Desinz Private Limited, filed by the Liquidator under Section 54 of the Insolvency & Bankruptcy Code, 2016, read with Regulation 45(3)(b) of The IBBI (Liquidation Process) Regulations 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following an application under Section 7 of the Code by the Financial Creditor, M/s Orator Marketing Private Limited. The Adjudicating Authority admitted the petition on 02.09.2021 and appointed an Interim Resolution Professional (IRP). Subsequently, the COC decided to liquidate the Corporate Debtor, and the Adjudicating Authority ordered liquidation on 11/04/2023, appointing the applicant as the

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## Facts

M/s Orator Marketing Private Limited, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s Samtex Desinz Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority admitted the petition on 02.09.2021. The Corporate Debtor's business operations ceased in 2020, and its registered office was vacated. The Interim Resolution Professional (IRP), later appointed as Liquidator, took control of the Corporate Debtor's records. The Liquidator sent legal notices to 74 debtors of the Corporate Debtor, but most disputed the dues. The Liquidator recovered a small amount of Rs. 81,148/- from the debtors. The Liquidator processed tax refunds and opened a separate

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## Issues and analysis

### Issue 1: Whether the assets of the Corporate Debtor have been completely liquidated as required under …

**Ratio:** Section 54 of the IBC, 2016, mandates that where the assets of the corporate debtor have

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**Reasoning:** The court needs to determine if all assets have been liquidated. The liquidator has

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**Interpretation:** Section 54 requires complete liquidation of assets before dissolution.

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**Application:** The liquidator's report and the registered valuers' report indicating a 'NIL'

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; RAHUL BHA…
- **Respondents:** M/S Samtex Desinz…

## Timeline

- **2020-01-01 — Business Operations…**: The business/operations of the Corporate Debtor were shut down and the registered office…
- **2021-09-02 — Admission of…**: The Adjudicating Authority admitted the petition filed by the Financial Creditor under…

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