# In the matter of Stone Export House Private Limited

> NCLT judgment dated 2024-10-01. Citation: TCN-2024-NCLT-00511. The case involves an application for the dissolution of a Corporate Debtor, M/s Stone Export…

- **Court:** NCLT
- **Order date:** 1 Oct 2024
- **Citation:** TCN-2024-NCLT-00511
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/stone-export-house-private-limited-6de340e3

## Summary

### Background

The case involves an application for the dissolution of a Corporate Debtor, M/s Stone Export House Private Limited, under Section 54 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by an Operational Creditor under Section 9 of the Code. An Interim Resolution Professional (IRP), Mr. Pravin Navandar, was appointed. The IRP faced difficulties in tracing the Suspended Directors and locating the Corporate Debtor's office. The last available financial records were the Audited Balance Sheet for F.Y. 2016-17. Due to the lack of information, the CIRP was at a standstill. The Adjudicating Authority suggested moving forward with the Liquidation/Early Dissolution

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Stone Export House Private Limited following a petition by an Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code (IBC). Mr. Pravin Navandar was appointed as the Interim Resolution Professional (IRP). The IRP faced difficulties in tracing the Suspended Directors and locating the Corporate Debtor's office. The last available financial records were the Audited Balance Sheet for F.Y. 2016-17. The Committee of Creditors (CoC) approved the liquidation/dissolution of the Corporate Debtor. The IRP had 3 meetings of CoC, verified 5 claims received from operational and financial creditors, filed one IA for co-operation u/s 19(2) and has filed present application for dissolution.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be dissolved under Section 54 of the Insolvency and Bankruptcy …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, states that where the assets of

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**Reasoning:** The Adjudicating Authority considered that no assets were available for liquidation and

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**Interpretation:** Section 54 provides the legal basis for dissolving a corporate debtor when its

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**Application:** Since no assets were available for liquidation and the CoC had approved the

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## Parties

- **Judges:** SH. PRABHAT…; V.G. B…
- **Appellants:** Simran…
- **Respondents:** M/s Stone Export…; STONE EXPORTS…

## Timeline

- **2023-12-05 — Order by Adjudicating…**: The Adjudicating Authority passed an order directing initiation of the Corporate…
- **2023-04-19 — 3rd CoC M…**: 3rd CoC meeting was held to decide upon the agenda of moving forward with the liquidation…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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