# In the matter of Trident Tools Limited IA No. 2926 of 2022 in CP (IB) No. 82 of 2019

> NCLT judgment dated 2023-05-12. Citation: TCN-2023-NCLT-03387. The case pertains to an application filed by the liquidator of Trident Tools Limited, seeking…

- **Court:** NCLT
- **Order date:** 12 May 2023
- **Citation:** TCN-2023-NCLT-03387
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/trident-tools-limited-ia-no-2926-of-2022-in-cp-ib-no-82-of-2019-0eb11cbe

## Summary

### Background

The case pertains to an application filed by the liquidator of Trident Tools Limited, seeking dissolution of the corporate debtor under Section 54 of the Insolvency & Bankruptcy Code, 2016. The corporate insolvency resolution process (CIRP) was initiated following a Company Petition filed by the Financial Creditor, Punjab National Bank, under Section 7 of the Code, which was admitted on September 18, 2019. An Interim Resolution Professional (IRP) was appointed, and a Committee of Creditors (CoC) was constituted. Despite efforts to find a resolution plan, the CoC rejected the received plan and decided to liquidate the Corporate Debtor in its Sixth Meeting held on February 24, 2020. The applicant was then appointed as the Liquidator.

## Facts

The case involves the liquidation of Trident Tools Limited following the rejection of a resolution plan during the Corporate Insolvency Resolution Process (CIRP). Punjab National Bank initiated the CIRP under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP commenced on September 18, 2019, with the appointment of an Interim Resolution Professional (IRP), Mr. Nitin Vishwanath Panchal. A Committee of Creditors (CoC) was formed, but the resolution plan was rejected, leading to a decision to liquidate the company on February 24, 2020. Mr. Dilipkumar Natvarlal Jagad was appointed as the Liquidator. The Liquidator conducted five meetings with stakeholders, sold the company's assets through e-auction, and distributed the realized amount. The assets included

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Trident Tools Limited, should be dissolved following the completion …

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

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**Reasoning:** The Tribunal examined the submissions and documents provided by the Liquidator and found

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**Interpretation:** The interpretation of Section 54 allows for the dissolution of a corporate

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**Application:** In this case, the Liquidator had completed all necessary steps, including the

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## Parties

- **Judges:** Shyam Babu…; Kuldip Kumar…
- **Appellants:** Dilipkumar…
- **Respondents:** Trident Tools…; Punjab National…

## Timeline

- **2019-09-18 — Admission of Company…**: Company Petition No. 82 of 2019 filed by Punjab National Bank under Section 7 of the Code…
- **2019-09-18 — Appointment…**: Mr. Nitin Vishwanath Panchal was appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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