# In the matter of Supra Petro Chemicals Private Limited IA(IBC)-213-2023 in CP (IB) -44-9-AMR-2022

> NCLT judgment dated 2023-06-02. Citation: TCN-2023-NCLT-03100. The case involves an application filed by the Liquidator under Section 54 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 2 Jun 2023
- **Citation:** TCN-2023-NCLT-03100
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/supra-petro-chemicals-private-limited-iaibc-213-2023-in-cp-ib-44-9-amr-2022-a230cc81

## Summary

### Background

The case involves an application filed by the Liquidator under Section 54 of the Insolvency and Bankruptcy Code, 2016, seeking the dissolution of the Corporate Debtor, M/s. Supra Petro Chemicals Private Limited. A Company Petition CP(IB)/44/9/AMR/2022 was filed by M/s.RNJ Commodities Pvt Ltd (OC) against the Corporate Debtor under Section 9 of IBC, 2016. The Adjudicating Authority admitted the matter on 29.09.2022 and appointed Mr. Nethi Mallikarjuna Setty as the Interim Resolution Professional (IRP). The IRP issued a paper publication inviting claims from creditors, but only one claim was received from the Operational Creditor. The CoC was constituted with the Operational Creditor. Due to a slowdown in the power sector, the Corporate Debtor was unable to carry on

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## Facts

M/s.RNJ Commodities Pvt Ltd (OC) filed a Company Petition CP(IB)/44/9/AMR/2022 against M/s. Supra Petro Chemicals Private Limited (CD) under Section 9 of IBC, 2016. The Adjudicating Authority admitted the petition on 29.09.2022 and appointed Mr. Nethi Mallikarjuna Setty as the Interim Resolution Professional (IRP). The IRP issued a paper publication on 01.10.2022, inviting claims from creditors, with a deadline of 15.10.2022. Only one claim was received from the Operational Creditor for Rs.1,00,00,000/-. The CoC was constituted solely with M/s.RJN Commodities Private Limited (100%). In the first CoC meeting on 25.10.2022, the CoC appointed the Applicant as Resolution Professional (RP). Due to a slowdown in the power sector, the CD was unable to continue business

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## Issues and analysis

### Issue 1: Whether the application filed by the Liquidator under Section 54 of the Insolvency and Bankruptcy …

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

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**Reasoning:** The Tribunal considered the submissions of the Liquidator and perused the records. The

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**Interpretation:** Section 54 of the IBC is interpreted to mean that once the assets of a

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**Application:** In this case, the Liquidator has demonstrated that the assets of the Corporate

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## Parties

- **Judges:** TELAPROLU…
- **Appellants:** RNJ Commodities…
- **Respondents:** Supra Petro…

## Timeline

- **2022-09-29 — Admission of Company…**: The Adjudicating Authority admitted the Company Petition CP(IB)/44/9/AMR/2022 filed by…
- **2022-10-01 — Publication o…**: The Applicant issued paper publication in Form-A in two daily newspapers inviting claims…

## 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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