# In the matter of Shriram SEPL Composites Private Limited

> NCLT judgment dated 2024-03-01. Citation: TCN-2024-NCLT-02277. The application IA(IBC)/2334(CHE)/2023 in IBA/911/2019 was filed by the Liquidator of Shriram…

- **Court:** NCLT
- **Order date:** 1 Mar 2024
- **Citation:** TCN-2024-NCLT-02277
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shriram-sepl-composites-private-limited-e119e3c5

## Summary

### Background

The application IA(IBC)/2334(CHE)/2023 in IBA/911/2019 was filed by the Liquidator of Shriram SEPL Composites Private Limited under Regulation 45(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, read with Section 60(5) of IBC, 2016, seeking closure of the liquidation process. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2020-12-23. The Tribunal ordered liquidation on 2022-04-28 and appointed the applicant as the Liquidator.

## Facts

The application IA(IBC)/2334(CHE)/2023 was filed by Ajay S Jain, the Liquidator of Shriram SEPL Composites Private Limited, seeking closure of the liquidation process. The CIRP was initiated on 2020-12-23. The Tribunal ordered liquidation on 2022-04-28 and appointed 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 provided the acquisition structure and shareholding patterns. Applications IA/397/2023 and IA/335/2023 seeking approval of the sale as a going concern were allowed on 2023-10-12. The fair market value and liquidation value of the Corporate Debtor were disclosed as Rs.59,87,777. The sale proceeds were distributed to 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 Liquidator has filed the application seeking directions before the Tribunal for

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**Interpretation:** Regulation 45 outlines the procedure for closing the liquidation process when

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**Application:** The Liquidator complied with Regulation 45 by submitting the necessary

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## Parties

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

## Timeline

- **2020-12-23 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **2021-03-05 — Appointment of…**: The Applicant was appointed as Resolution Professional (RP) vide order dated 2021-03-05…

## 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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