# In the matter of Tristar Global Infrastructure Private Limited

> NCLT judgment dated 2024-08-28. Citation: TCN-2024-NCLT-00744. The case involves an application (IA-2514/2023) filed in the matter of an insolvency resolution…

- **Court:** NCLT
- **Order date:** 28 Aug 2024
- **Citation:** TCN-2024-NCLT-00744
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tristar-global-infrastructure-private-limited-61e2d99a

## Summary

### Background

The case involves an application (IA-2514/2023) filed in the matter of an insolvency resolution process (IB-429(ND)/2019) concerning M/s. Tristar Global Infrastructure Private Limited, the Corporate Debtor. Punjab National Bank initiated the insolvency proceedings under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 28.08.2019, and a moratorium was declared. Mr. Arvind Garg was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. Subsequently, Mr. Arvind Garg, as the Liquidator, filed an application under Section 33(2) of the IBC for the liquidation of the Corporate Debtor, which was allowed on 12.10.2020. The liquidator then filed an application for the dissolution of the

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## Facts

Punjab National Bank (PNB) initiated insolvency proceedings against M/s. Tristar Global Infrastructure Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on August 28, 2019, leading to a moratorium and the appointment of Mr. Arvind Garg as the Interim Resolution Professional, later confirmed as the Resolution Professional. Subsequently, Mr. Garg filed an application for liquidation under Section 33(2) of the IBC, which was approved on October 12, 2020. The Corporate Debtor's assets were completely liquidated. The liquidator then sought dissolution under Section 54(1) of the IBC. An application for avoidance of transactions (IA 520 of 2021) was pending. The consultative committee decided to explore

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor should be allowed after the …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code (IBC), 2016, provides for the

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**Reasoning:** The Adjudicating Authority found that the Corporate Debtor's affairs were completely

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**Interpretation:** Section 54 of the IBC is interpreted to mean that once the liquidation process

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**Application:** In this case, since the assets of M/s. Tristar Global Infrastructure Private

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## Parties

- **Judges:** ATUL CHAT…; BACHU VENKAT…
- **Respondents:** M/s. Tristar…

## Timeline

- **2019-08-28 — Admission of Insolvency…**: The application under Section 9 of the IBC filed by Punjab National Bank was admitted,…
- **2020-10-12 — Liquidation…**: The Adjudicating Authority allowed the application for liquidation of the Corporate…

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