# In the matter of Shriram SEPL Composites Private Limited

> NCLT judgment dated 2024-03-01. Citation: TCN-2024-NCLT-02246. The application IA(IBC)/2334(CHE)/2023 was filed in IBA/911/2019 under Regulation 45(3) of the…

- **Court:** NCLT
- **Order date:** 1 Mar 2024
- **Citation:** TCN-2024-NCLT-02246
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shriram-sepl-composites-private-limited-a48a8a63

## Summary

### Background

The application IA(IBC)/2334(CHE)/2023 was filed in IBA/911/2019 under Regulation 45(3) of the Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The Corporate Insolvency Resolution Process (CIRP) for Shriram SEPL Composites Private Limited was initiated on 2020-12-23. Mr. Perumal Ulaganathan was appointed as the Interim Resolution Professional, and later the applicant, Ajay S Jain, was appointed as the Resolution Professional on 2021-03-05. During the CIRP, no resolution plan was received, leading to an application for liquidation under Section 33 of IBC, 2016. The Tribunal ordered liquidation on 2022-04-28 and appointed the applicant as the Liquidator.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Shriram SEPL Composites Private Limited was initiated on 2020-12-23. After no resolution plan was received, an application for liquidation was filed, and the Tribunal ordered liquidation on 2022-04-28, appointing the applicant as the Liquidator. The Liquidator published a sale notice on 2022-08-10 and conducted an e-auction on 2022-08-26, where one bidder participated. The successful bidder paid the balance consideration and provided the proposed acquisition structure. The Liquidator filed applications seeking approval for the sale as a going concern, which were allowed on 2023-10-12. The Liquidator distributed the sale proceeds to the stakeholders as per Section 53 of the Insolvency and Bankruptcy Code, 2016. The

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## Issues and analysis

### Issue 1: Whether the liquidation process of the Corporate Debtor, Shriram SEPL Composites Private Limited, …

**Ratio:** Regulation 45 of the Insolvency and Bankruptcy Board of India (Liquidation Process)

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**Reasoning:** The Tribunal considered the submissions of the Liquidator and the documents placed on

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**Interpretation:** Regulation 45 provides the framework for closing the liquidation process when

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**Application:** The Liquidator filed the application seeking directions for closure, having

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Ajay S…
- **Respondents:** Shriram SEPL…
- **Advocates:** Jayanthi…

## Timeline

- **2020-12-23 — CIRP Init…**: Corporate Insolvency Resolution Process initiated for Shriram SEPL Composites Private…
- **2021-03-05 — Appointment…**: Ajay S Jain appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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