# In the matter of Tavrida Electric India Private Limited

> NCLT judgment dated 2024-05-17. Citation: TCN-2024-NCLT-01305. The application IA(IB) No. 465/KB/2023 was preferred by Mr. Animesh Mukhopadhyay, the…

- **Court:** NCLT
- **Order date:** 17 May 2024
- **Citation:** TCN-2024-NCLT-01305
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tavrida-electric-india-private-limited-b933ba82

## Summary

### Background

The application IA(IB) No. 465/KB/2023 was preferred by Mr. Animesh Mukhopadhyay, the Liquidator of Tavrida Electric India Private Limited, seeking dissolution of the Corporate Debtor, Tavrida Electric India Private Limited. The corporate debtor was put into Corporate Insolvency Resolution Process (CIRP) on 02.08.2018, but no resolution plan was received, leading the CoC to direct the resolution professional to apply for liquidation on 19.12.2018. Liquidation was ordered on 04.02.2019, and the applicant was appointed as liquidator. A public announcement was made on 08.02.2019, inviting claims from stakeholders. The liquidator verified and admitted claims aggregating to Rs. 10,10,75,664.27 by 06.03.2019.

## Facts

Tavrida Electric India Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated on 02.08.2018, but failed to produce a resolution plan. Consequently, the Committee of Creditors (CoC) directed the resolution professional to initiate liquidation proceedings on 19.12.2018. Liquidation was ordered on 04.02.2019, and Mr. Animesh Mukhopadhyay was appointed as the liquidator. A public announcement was made on 08.02.2019, inviting stakeholder claims, which amounted to Rs. 10,10,75,664.27 by 06.03.2019. Given the low liquidation value and asset nature, the liquidator sought and obtained permission for a private sale of assets instead of e-auction on 27.06.2019. The liquidation account with HDFC Bank was closed on 12.08.2022. The liquidator filed a

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## Issues and analysis

### Issue 1: Whether the corporate debtor should be dissolved under Section 54(1) of the Insolvency and …

**Ratio:** Section 54(1) of the Insolvency and Bankruptcy Code, 2016, allows for the dissolution of

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**Reasoning:** The Tribunal reviewed the documents, including the liquidation account, minutes of

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**Interpretation:** Section 54(1) provides the legal basis for dissolving a corporate debtor after

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**Application:** The Tribunal applied Section 54(1) to the facts of the case, noting that the

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Respondents:** Tavrida Electric…; Power Fr…

## Timeline

- **2018-08-02 — CIRP Init…**: Corporate Insolvency Resolution Process initiated for Tavrida Electric India Private…
- **2018-12-19 — CoC Meet…**: Committee of Creditors directed 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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