# In the matter of Taurus Exports Private Limited

> NCLT judgment dated 2024-08-13. Citation: TCN-2024-NCLT-00816. The case involves an Interlocutory Application (IA) filed by the liquidator of Taurus Exports…

- **Court:** NCLT
- **Order date:** 13 Aug 2024
- **Citation:** TCN-2024-NCLT-00816
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/taurus-exports-private-limited-8bdf2982

## Summary

### Background

The case involves an Interlocutory Application (IA) filed by the liquidator of Taurus Exports Private Limited, seeking directions for the dissolution of the company under Section 54(1) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 45(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The Adjudicating Authority had admitted an application under Section 9 of the IBC filed by Uniword Telecom Limited (Operational Creditor) against Taurus Exports Private Limited (Corporate Debtor) on 05.03.2020. Liquidation proceedings were initiated on 18.02.2021, and the applicant was appointed as the liquidator. A public announcement was made on 02.03.2021 to invite claims from creditors, with a deadline of 28.03.2021.

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## Facts

Uniword Telecom Limited initiated corporate insolvency resolution process against Taurus Exports Private Limited. The Adjudicating Authority admitted the application on 05.03.2020. Subsequently, liquidation proceedings were initiated on 18.02.2021, and a liquidator, Anoop Bhatia, was appointed. A public announcement was made on 02.03.2021, inviting claims from creditors with a deadline of 28.03.2021. The liquidator received claims from operational creditors. The liquidator liquidated the assets of the corporate debtor, including investments in shares, cash balances, and fixed deposits. The liquidator distributed the amounts to stakeholders as per Section 53 of the Code, 2016. The liquidator convened the 3rd meeting of the SCC on 25.06.2024, during which it was reported

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, Taurus Exports Private Limited, …

**Ratio:** Section 54 of the IBC provides for the dissolution of a corporate debtor when its assets

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**Reasoning:** The Adjudicating Authority noted that the assets of the Corporate Debtor have been

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**Interpretation:** Section 54 of the IBC allows the Adjudicating Authority to dissolve a corporate

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**Application:** In this case, the liquidator has liquidated all the assets of Taurus Exports

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Appellants:** Anoop Bh…
- **Respondents:** Taurus Exports…; None App…

## Timeline

- **2020-03-05 — Admission of Ap…**: The Adjudicating Authority admitted the application under Section 9 of the IBC filed by…
- **2021-02-18 — Initiation of…**: The Adjudicating Authority initiated the liquidation proceedings against the Corporate…

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