# In the matter of Tag Info Solutions Pvt. Ltd. IA(IBC)-346-2022 in CP-1487-2019

> NCLT judgment dated 2023-03-15. Citation: TCN-2023-NCLT-04244. The case involves an application filed under Section 54(1) of the Insolvency & Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 15 Mar 2023
- **Citation:** TCN-2023-NCLT-04244
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tag-info-solutions-pvt-ltd-iaibc-346-2022-in-cp-1487-2019-0e1908e1

## Summary

### Background

The case involves an application filed under Section 54(1) of the Insolvency & Bankruptcy Code, 2016, seeking the dissolution of Tag Info Solutions India Pvt Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2019-08-05 under Section 7 of the IBC. Subsequently, on 2021-08-03, the Tribunal ordered the liquidation of the Corporate Debtor. The liquidator reported non-cooperation from the suspended directors and ex-promoters, and the company had no realizable assets to cover liquidation costs.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Tag Info Solutions India Pvt Ltd on 2019-08-05 under Section 7 of the Insolvency & Bankruptcy Code (IBC), 2016. An order for liquidation was passed on 2021-08-03. The liquidator, Mr. Navneeth Vasudevan, reported non-cooperation from the suspended directors and ex-promoters of the Corporate Debtor. The Corporate Debtor had no realizable assets to cover the cost of liquidation. The liquidator filed Form H and progress reports, revealing that only two claims were received during CIRP. The liquidator visited the corporate debtor's office and found no company representative present. The suspended directors evaded the proceedings, and the RP/Liquidator was unable to take the matter forward. No

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## Issues and analysis

### Issue 1: Whether the Tribunal should order the dissolution of the Corporate Debtor, Tag Info Solutions India …

**Ratio:** Section 54 of the Insolvency & Bankruptcy Code, 2016, allows for the dissolution of a

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**Reasoning:** The Tribunal considered the submissions made by the counsel for the liquidator and the

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**Interpretation:** Section 54 of the IBC is interpreted to mean that once a corporate debtor has

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**Application:** Given that Tag Info Solutions India Pvt Ltd had been completely liquidated and

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## Parties

- **Judges:** Ramalingam…; SAMEER…
- **Appellants:** Navneeth Va…
- **Respondents:** Tag Info Solutions…

## Timeline

- **2019-08-05 — CIRP Init…**: CIRP initiated against Tag Info Solutions…
- **2021-08-03 — Liquidation…**: Tribunal ordered the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54(1) — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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