# In the matter of Sintex Oil and Gas Limited

> NCLT judgment dated 2025-05-05. Citation: TCN-2025-NCLT-00122. The case pertains to the dissolution of M/s. Sintex Oil and Gas Ltd, the Corporate Debtor,…

- **Court:** NCLT
- **Order date:** 5 May 2025
- **Citation:** TCN-2025-NCLT-00122
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sintex-oil-and-gas-limited-1a1cdf2e

## Summary

### Background

The case pertains to the dissolution of M/s. Sintex Oil and Gas Ltd, the Corporate Debtor, under Section 54 and 60(5) of the Insolvency and Bankruptcy Code, 2016. An application was filed by the liquidator, Mr. Nimai Gautam Shah. Previously, an operational creditor, M/s. M.G. Wells Solutions Pvt Ltd, had filed an application under Section 9 of the IBC, which was allowed, and the applicant was appointed as Interim Resolution Professional (IRP). The Committee of Creditors (CoC) passed a resolution to liquidate the Corporate Debtor. Public announcement of the liquidation was made, and the applicant received claims from stakeholders, forming a Consultation Committee (SCC).

## Facts

Mr. Nimai Gautam Shah, the liquidator of M/s. Sintex Oil and Gas Ltd, filed an application under Section 54 and 60(5) of the IBC, 2016, for the dissolution of the Corporate Debtor. M/s. M.G. Wells Solutions Pvt Ltd, an operational creditor, had previously filed an application under Section 9 of the IBC, which was allowed, leading to the appointment of an Interim Resolution Professional (IRP). The CoC passed a resolution to liquidate the Corporate Debtor. A public announcement of the liquidation was made on 2022-12-10. The liquidator received claims from stakeholders and formed a Consultation Committee (SCC). The liquidator disposed of the Corporate Debtor's assets, which consisted of inventory and tools, through an auction. The liquidator opened a liquidation bank

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Sintex Oil and Gas Limited, should be dissolved under Section 54 …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, provides for the dissolution of a

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**Reasoning:** The court reasoned that the liquidator had followed due procedure, liquidated the assets

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**Interpretation:** Section 54 of the IBC allows for the dissolution of a corporate debtor when the

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**Application:** In this case, the liquidator, Mr. Nimai Gautam Shah, had completed the

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Nimai Gauta…
- **Respondents:** M/s. Sintex Oil…

## Timeline

- **2020-01-01 — CP(IB) 150/NCLT/AHM/2020…**: M/s. M.G. Wells Solutions Pvt Ltd. Operational Creditor filed an application under…
- **2021-12-21 — Application…**: The application filed by M/s. M.G. Wells Solutions Pvt Ltd was allowed and Applicant was…

## 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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