# In the matter of Technic Projects Constructions Pvt. Ltd. I.A. No. 1058 of 2022 In C.P. No. 4016 of 2018

> NCLT judgment dated 2022-09-19. Citation: TCN-2022-NCLT-01037. The case involves an application filed by the Applicant/Liquidator seeking an order under…

- **Court:** NCLT
- **Order date:** 19 Sept 2022
- **Citation:** TCN-2022-NCLT-01037
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/technic-projects-constructions-pvt-ltd-ia-no-1058-of-2022-in-cp-no-4016-of-2018-18338fdb

## Summary

### Background

The case involves an application filed by the Applicant/Liquidator seeking an order under Section 54 of the Insolvency and Bankruptcy Code, 2016, for the dissolution of the Corporate Debtor, Technic Projects Constructions Pvt. Ltd. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor on 06.12.2021, following a petition filed by the Financial Creditor under Section 9 of the Code. Mr. Dhanshyam K Patel was appointed as Interim Resolution Professional and later as Resolution Professional. Several CoC meetings were held, and Form G was published, but no EOI was received from any potential Resolution Applicant. The CoC decided to pursue direct dissolution due to the lack of credible records regarding assets and

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## Facts

The Adjudicating Authority initiated CIRP against Technic Projects Constructions Pvt. Ltd. on 06.12.2021, based on a petition filed by the Financial Creditor under Section 9 of the Code. Dhanshyam K Patel was appointed as the Interim Resolution Professional and later as the Resolution Professional. Several CoC meetings were conducted, and Form G was published on 19.02.2022, but no Expression of Interest (EOI) was received from potential Resolution Applicants. The CoC, consisting of Operational Creditors, decided to pursue direct dissolution under Section 54 of the Code due to the lack of credible records regarding assets. The suspended Management did not file audited accounts after the financial year 2016-17. The accounts of the Corporate Debtor showed certain assets,

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor under Section 54 of the Insolvency …

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

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**Reasoning:** The court reasoned that no assets were available for liquidation, and the affairs of the

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**Interpretation:** Section 54 is interpreted to allow for the dissolution of a corporate debtor

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**Application:** In this case, the court applied the ratio to the facts by noting that the

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## Parties

- **Judges:** H.V. Subb…; ANURADHA SANJAY…
- **Appellants:** Godrej & Boyce…
- **Respondents:** Technic Projects…

## Timeline

- **2021-12-06 — Initiation…**: The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP)…
- **2022-01-20 — First CoC M…**: The first meeting of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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