# In the matter of SPM Auto Private Limited

> NCLT judgment dated 2023-12-21. Citation: TCN-2023-NCLT-00091. This case involves an application (I.A. 4904/ND/2023) filed in CP(IB)-433/ND/2017 for the…

- **Court:** NCLT
- **Order date:** 21 Dec 2023
- **Citation:** TCN-2023-NCLT-00091
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/spm-auto-private-limited-ab12f73d

## Summary

### Background

This case involves an application (I.A. 4904/ND/2023) filed in CP(IB)-433/ND/2017 for the dissolution of the Corporate Debtor, M/s. SPM Auto Private Limited, under Section 54 of the Insolvency & Bankruptcy Code, 2016 (IBC). The Corporate Insolvency Resolution Process (CIRP) was initiated, and an order was passed on 17.10.2017 admitting the petition, with Mr. Nirmal Kumar Bhesoni appointed as the Interim Resolution Professional (IRP). Subsequently, an order was passed on 25.09.2018 to liquidate the Corporate Debtor as no resolution plan was received, and the Applicant, Mr. Vijender Sharma, was appointed as the Liquidator. The liquidator then took steps to sell the assets of the corporate debtor through auction.

## Facts

The Corporate Insolvency Resolution Process (CIRP) against M/s. SPM Auto Private Limited was initiated, and the petition was admitted on 17.10.2017. Mr. Nirmal Kumar Bhesoni was appointed as the Interim Resolution Professional (IRP). Subsequently, on 25.09.2018, an order was passed to liquidate the Corporate Debtor as no resolution plan was received. Mr. Vijender Sharma was appointed as the Liquidator. The Liquidator published public announcements in Business Standard Newspaper on 15.02.2019 and 10.04.2019 to sell the assets of the Corporate Debtor through auctions. CERA Hospitality Hub was qualified to purchase the plant and machineries. DRY NUT Enterprise was the successful bidder for the Behror properties. M/s. JaiRaj Ancillaries Pvt. Ltd. was the successful bidder

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## Issues and analysis

### Issue 1: Whether the assets of the Corporate Debtor have been completely liquidated as required under …

**Ratio:** Section 54 of the IBC, 2016, stipulates that where the assets of the corporate debtor

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**Reasoning:** The Adjudicating Authority considered the submissions of the Applicant/Liquidator and the

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**Interpretation:** Section 54 of the IBC provides the legal basis for dissolving a corporate

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**Application:** In this case, the Liquidator presented evidence that all assets of SPM Auto

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## Parties

- **Judges:** SHRI. MAHENDRA…; SHRI. RAHUL…
- **Appellants:** M/s Regal Metal &…
- **Respondents:** M/s. SPM Auto…

## Timeline

- **2017-10-17 — CIRP Init…**: The Tribunal admitted the petition for initiating CIRP against the Corporate Debtor, and…
- **2018-09-25 — Liquidation…**: The Adjudicating Authority passed an order to liquidate the Corporate Debtor as no…

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