# In the matter of Suchetan Exports Private Limited

> NCLT judgment dated 2022-09-20. Citation: TCN-2022-NCLT-01010. The case involves an application filed under Section 54 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 20 Sept 2022
- **Citation:** TCN-2022-NCLT-01010
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/suchetan-exports-private-limited-1877268b

## Summary

### Background

The case involves an application filed under Section 54 of the Insolvency and Bankruptcy Code, 2016, by Mr. Vimal Kumar Agarwal, the Resolution Professional, seeking the dissolution of Suchetan Exports Pvt. Ltd., the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against Suchetan Exports Pvt. Ltd. following a petition filed by the Operational Creditor under Section 9 of the Code. Vimal Kumar Agarwal was initially appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). An order under Section 33(2) was passed, allowing the Debtor Company to be liquidated, and the Applicant was appointed as the Liquidator.

## Facts

Mehta Intertrade Steel Pvt. Ltd. initiated proceedings against Suchetan Exports Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016, leading to the Corporate Insolvency Resolution Process (CIRP). Vimal Kumar Agarwal was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Adjudicating Authority ordered the initiation of CIRP on 2018-10-09. Subsequently, an order was passed on 2019-12-05, allowing the Debtor Company to be liquidated, and Vimal Kumar Agarwal was appointed as the Liquidator. The Liquidator made public announcements and formed a Stakeholder Consultation Committee. The company's assets were minimal, consisting mainly of cash and bank balances. The estimated value of assets and

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## Issues and analysis

### Issue 1: Whether the Hon'ble Tribunal should order the dissolution of Suchetan Exports Pvt. Ltd. under …

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

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**Reasoning:** The Tribunal observed that the Corporate Debtor had no assets to be liquidated and that

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**Interpretation:** Section 54 of the Insolvency and Bankruptcy Code, 2016, is interpreted to mean

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**Application:** In this case, the Liquidator determined that Suchetan Exports Pvt. Ltd. had no

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## Parties

- **Judges:** H.V. Subb…; ANURADHA SANJAY…
- **Appellants:** Mehta Intertrade…
- **Respondents:** Suchetan Exports…

## Timeline

- **2018-10-09 — Initiation…**: The Adjudicating Authority directed the initiation of the Corporate Insolvency Resolution…
- **2019-12-05 — Liquidation…**: An order was passed allowing the…

## 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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