# In the matter of Shree Basant Oils Ltd.

> NCLT judgment dated 2024-02-21. Citation: TCN-2024-NCLT-02508. The application, IA No.217/2023 in CP(IB) 504/ALD/2019, was filed for the dissolution of Shree…

- **Court:** NCLT
- **Order date:** 21 Feb 2024
- **Citation:** TCN-2024-NCLT-02508
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-basant-oils-ltd-944b34a0

## Summary

### Background

The application, IA No.217/2023 in CP(IB) 504/ALD/2019, was filed for the dissolution of Shree Basant Oils Limited, the Corporate Debtor, under Section 54 of the Insolvency & Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated based on an application under Section 9 of IBC, admitted on 16.01.2020. Mr. KK Agarwal was appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Aditya Agarwal on 12.06.2020. The Committee of Creditors (CoC) resolved on 13.01.2021 to liquidate the Corporate Debtor. An application for liquidation was filed, and the Adjudicating Authority ordered liquidation on 14.12.2021, appointing Mr. Manish Agarwal as the Liquidator. Public announcements were made, claims were invited, and the

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Shree Basant Oils Limited based on an application under Section 9 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 16.01.2020. Mr. KK Agarwal was appointed as the Interim Resolution Professional (IRP), and later replaced by Mr. Aditya Agarwal. The Committee of Creditors (CoC) resolved on 13.01.2021 to liquidate the Corporate Debtor. An application for liquidation was filed, and the Adjudicating Authority ordered liquidation on 14.12.2021, appointing Mr. Manish Agarwal as the Liquidator. Public announcements were made in newspapers, and the Registrar of Companies was notified. The liquidator opened a liquidation account, engaged professionals for valuation, collected

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor under Section 54 of the Insolvency …

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

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**Reasoning:** The Adjudicating Authority considered the submissions of the liquidator, the provisions

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**Interpretation:** Section 54 of the IBC provides the mechanism for dissolving a corporate debtor

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**Application:** In this case, the liquidator submitted that all assets of the Corporate Debtor

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** RENU…
- **Respondents:** SHREE BASANT OILS…

## Timeline

- **2020-01-16 — CIRP Init…**: Application under…
- **2020-01-01 — Appointment…**: Mr. KK Agarwal appointed as…

## 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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