# In the matter of SMARTEC BUILD SYSTEMS PRIVATE LIMITED

> NCLT judgment dated 2024-01-10. Citation: TCN-2024-NCLT-03216. The case pertains to an application filed by the Liquidator of Smartec Build Systems Pvt Ltd…

- **Court:** NCLT
- **Order date:** 10 Jan 2024
- **Citation:** TCN-2024-NCLT-03216
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/smartec-build-systems-private-limited-0acbba11

## Summary

### Background

The case pertains to an application filed by the Liquidator of Smartec Build Systems Pvt Ltd under Section 54(1) of the Insolvency & Bankruptcy Code, 2016, seeking dissolution of the Corporate Debtor. The liquidation order was issued on 2019-11-13. The liquidator was appointed on 2019-11-19. Public announcement was made on 2019-12-06. Claims were received from Vivek Bansal (Operational Creditor), Bank of Baroda (Financial Creditor), and ESI (Operational Creditor). The liquidator reported that the only asset identified was an Audi car, which was located with the assistance of Police Officers and Win Win Financial Services. The Adjudicating Authority instructed the Liquidator to sell the car by auction.

## Facts

The Tribunal issued a Liquidation Order for Smartec Systems Private Limited on 2019-11-13, and a Liquidator was appointed on 2019-11-19. A public announcement was made on 2019-12-06, leading to three creditor claims: Vivek Bansal (Operational Creditor), Bank of Baroda (Financial Creditor), and ESI (Operational Creditor). The Liquidator identified an Audi car as the sole asset, which was located with assistance. The Adjudicating Authority directed the sale of the car via auction. Two registered valuers assessed the car's value, and an auction was advertised on 2023-01-12. The auction occurred on 2023-01-19, with Mr. Suresh Kumar Reddy emerging as the successful bidder. The proceeds were deposited in a liquidation bank account, which was later closed after disbursement.

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## Issues and analysis

### Issue 1: Whether the assets of the corporate debtor have been completely liquidated, justifying an …

**Ratio:** Section 54 of the IBC stipulates that where the assets of the corporate debtor have been

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**Reasoning:** The court noted that the liquidator had reported that the only asset, an Audi car, had

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**Interpretation:** Section 54 of the IBC is interpreted to mean that once all assets have been

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**Application:** In this case, the Audi car was the only identified asset, and it was sold via

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Sanjay Kumar…
- **Respondents:** Smartec Systems…; Vivek B…

## Timeline

- **2019-11-13 — Liquidation…**: The Tribunal issued a Liquidation Order…
- **2019-11-19 — Liquidator App…**: The Applicant was…

## 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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