# In the matter of Tin Time Consultancy Private Limited

> NCLT judgment dated 2024-10-15. Citation: TCN-2024-NCLT-00428. The case involves an application for the dissolution of Tin Time Consultancy Private Limited, a…

- **Court:** NCLT
- **Order date:** 15 Oct 2024
- **Citation:** TCN-2024-NCLT-00428
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tin-time-consultancy-private-limited-72970d4f

## Summary

### Background

The case involves an application for the dissolution of Tin Time Consultancy Private Limited, a corporate debtor undergoing liquidation under the Insolvency and Bankruptcy Code, 2016. The corporate insolvency resolution process (CIRP) was initiated following an application by Hubtown Limited, a financial creditor. After the Committee of Creditors (CoC) approved liquidation due to the absence of any Expression of Interest, the Tribunal ordered the liquidation and appointed a liquidator. The liquidator then took steps to consolidate assets, determine claims, and convene Stakeholders Consultation Committee (SCC) meetings.

## Facts

Hubtown Limited, a financial creditor, initiated the Corporate Insolvency Resolution Process (CIRP) against Tin Time Consultancy Private Limited by filing an application under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Tribunal admitted the petition on 2022-04-28 and appointed an Interim Resolution Professional (IRP). The Committee of Creditors (CoC) approved the liquidation of the Corporate Debtor on 2022-09-27 due to the lack of any Expression of Interest. The Tribunal ordered liquidation on 2022-11-01 and appointed a liquidator. The liquidator issued a public announcement on 2022-12-17, with the last date for submission of claims being 2023-01-14. The first Stakeholders Consultation Committee (SCC) meeting was convened on 2022-12-21. The SCC was

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## Issues and analysis

### Issue 1: Whether the assets of the corporate debtor have been completely liquidated as required under …

**Ratio:** Section 54 of the IBC stipulates that where the assets of the corporate debtor have been

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**Reasoning:** The Tribunal observed that the liquidator's reports and the asset memorandum indicated

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**Interpretation:** Section 54 of the IBC mandates that a corporate debtor can only be dissolved

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**Application:** In this case, the Tribunal found that the liquidator had liquidated all assets

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** Prakash Dattatraya…
- **Respondents:** Tin Time Consultan…; Hubtown L…
- **Advocates:** Nithish B…

## Timeline

- **2022-04-28 — CIRP Init…**: Tribunal admitted the petition filed by Hubtown Limited and initiated the Corporate…
- **2022-09-27 — Liquidation A…**: The Committee of Creditors (CoC) approved the liquidation of the Corporate Debtor due to…

## 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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