# In the matter of Titan Energy Systems Private Limited

> NCLT judgment dated 2022-12-08. Citation: TCN-2022-NCLT-00208. The case involves an Interlocutory Application filed by the Liquidator of M/S Titan Energy…

- **Court:** NCLT
- **Order date:** 8 Dec 2022
- **Citation:** TCN-2022-NCLT-00208
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/titan-energy-systems-private-limited-21286053

## Summary

### Background

The case involves an Interlocutory Application filed by the Liquidator of M/S Titan Energy Systems Limited, the Corporate Debtor, under Section 54(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 45 of the IBBI (Liquidation Process) Regulations, 2016, seeking an order for the dissolution of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) had been initiated against the Corporate Debtor, and the Applicant was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). As no resolution plans were received, an application was filed to liquidate the Corporate Debtor, which was allowed. The Applicant was then appointed as the Liquidator.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Titan Energy Systems Limited. The Applicant was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). No resolution plans were received, leading to an application for liquidation, which was allowed, and the Applicant was appointed as the Liquidator. The Liquidator issued a public announcement calling for stakeholder claims, which were verified and communicated. The Corporate Debtor possessed land, transport vehicles, and financial assets. The Liquidator sold land admeasuring 190.35 Acres in an e-auction conducted on 28.01.2020, and a sale certificate was issued. Further e-auctions were conducted for the remaining land and financial assets.

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## Issues and analysis

### Issue 1: Whether the order of dissolution of the Corporate Debtor can be passed, considering the completion …

**Ratio:** Section 54(1) of the Insolvency and Bankruptcy Code, 2016, stipulates that where the

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**Reasoning:** The court reasoned that the affairs of the Corporate Debtor had been completely wound up,

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**Interpretation:** Section 54 of the IBC mandates the dissolution of a corporate debtor once its

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**Application:** In this case, the Liquidator demonstrated that all assets of Titan Energy

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## Parties

- **Judges:** DR.VENKATA…; Satya Ranjan…
- **Respondents:** Titan Energy…

## Timeline

- **2018-01-01 — Initiation…**: Corporate Insolvency Resolution Process initiated against the Corporate Debtor in C.P.…
- **2019-03-22 — Appointment…**: Applicant confirmed as the Resolution Professional by the Committee of Creditors in its…

## 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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