# In the matter of Tenny Jose Limited

> NCLT judgment dated 2023-10-31. Citation: TCN-2023-NCLT-00950. The case pertains to the Corporate Insolvency Resolution Process (CIRP) and subsequent…

- **Court:** NCLT
- **Order date:** 31 Oct 2023
- **Citation:** TCN-2023-NCLT-00950
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tenny-jose-limited-2ef6b60c

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) and subsequent liquidation of M/s. Tenny Jose Limited. The CIRP was initiated based on an application filed under Section 9 of the Insolvency and Bankruptcy Code by an operational creditor, Korea Trade Insurance Corporation, effective from 2021-12-21. The applicant was appointed as the Resolution Professional (RP) on 2022-04-23. The CIRP was extended twice, but the prospective resolution applicant failed to submit a resolution plan. Consequently, the Stakeholders Consultation Committee (SCC) decided to file for liquidation, which was allowed on 2022-12-16, and the Resolution Professional was appointed as the Liquidator.

## Facts

The Corporate Debtor, M/s. Tenny Jose Limited, underwent CIRP initiated by Korea Trade Insurance Corporation under Section 9 of the IBC, effective from 2021-12-21. The CIRP was extended twice, but no resolution plan was submitted. The SCC decided to liquidate the Corporate Debtor, and the liquidation application was allowed on 2022-12-16, with the RP appointed as Liquidator. The Liquidator made a public announcement as per Regulation 12 of the IBBI (Liquidation Process) Regulations, 2016. The Liquidator provided details of the capital structure, showing a fully paid-up equity capital of 6 Crore but an accumulated net loss of Rs. 44,61,04,718 as of 2021-12-21. All stakeholders submitted their claims, and the Liquidator updated the claims on the IBBI portal and

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, Tenny Jose Limited, under Section …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, stipulates that where the 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 provides the mechanism for dissolving a corporate debtor after its

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**Application:** Given that the assets of Tenny Jose Limited were completely liquidated and the

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## Parties

- **Judges:** TMT. Justice…; Shri. Shyam Babu…
- **Appellants:** Prathap P…
- **Respondents:** M/s. Tenny Jose…

## Timeline

- **2021-12-21 — CIRP Commen…**: Corporate Debtor brought into CIRP through application filed under section 9 of IBC by…
- **2022-04-23 — Appointment…**: Applicant appointed as the…

## 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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