# In the matter of Tenny Jose Limited

> NCLT judgment dated 2023-10-31. Citation: TCN-2023-NCLT-00973. The case pertains to the Corporate Insolvency Resolution Process (CIRP) and subsequent…

- **Court:** NCLT
- **Order date:** 31 Oct 2023
- **Citation:** TCN-2023-NCLT-00973
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tenny-jose-limited-7dac8370

## 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 Korea Trade Insurance Corporation, an Operational Creditor, effective from 2021-12-21. The applicant, Mr. Prathap Pillai, was appointed as the Resolution Professional (RP) on 2022-04-23 and later as the Liquidator after the liquidation application was approved on 2022-12-16. The CIRP was extended twice, but no resolution plan was submitted, leading to the decision to liquidate the Corporate Debtor.

## Facts

The Corporate Debtor, M/s. Tenny Jose Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated by Korea Trade Insurance Corporation under Section 9 of the Insolvency and Bankruptcy Code (IBC) with effect from 2021-12-21. Mr. Prathap Pillai was appointed as the Resolution Professional (RP) on 2022-04-23. The CIRP was extended twice, but no resolution plan was submitted. The Stakeholders Consultation Committee (SCC) decided to file for liquidation, which was allowed on 2022-12-16, and the RP was appointed as the Liquidator. The Liquidator made a public announcement as per Regulation 12 of the IBBI (Liquidation Process) Regulations, 2016. The capital structure of the Corporate Debtor consisted of 6 Crore equity capital, but the accumulated net loss as

…

## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, M/s. Tenny Jose Limited, should be …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, stipulates that where the assets

…

**Reasoning:** The court reasoned that the assets of the Corporate Debtor have been completely

…

**Interpretation:** Section 54 of the IBC, 2016, is interpreted to mean that once all assets of a

…

**Application:** In this case, the Liquidator has demonstrated that all assets of M/s. Tenny

…

## Parties

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

## Timeline

- **2021-12-21 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP) initiated by Korea Trade Insurance…
- **2022-04-23 — Appointment…**: Mr. Prathap Pillai appointed as…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tenny-jose-limited-7dac8370