# In the matter of Tushara Energy Ventures Private Limited

> NCLT judgment dated 2024-06-07. Citation: TCN-2024-NCLT-01210. The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Tushara Energy…

- **Court:** NCLT
- **Order date:** 7 Jun 2024
- **Citation:** TCN-2024-NCLT-01210
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tushara-energy-ventures-private-limited-12bc39ef

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Tushara Energy Ventures Private Limited based on an order dated 2021-11-23 under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, by M/s Varnika Industries Private Limited. During the CIRP, no resolution plans were received. Consequently, the Committee of Creditors (COC) decided to liquidate the company. Mr. Pavan Kankani was appointed as the liquidator under Section 32(2) of the IBC. The liquidator filed an application (IA No. 458/2022) to initiate the liquidation process, which was approved by the Tribunal, confirming his appointment. During the CIRP, the liquidator identified certain transactions believed to be intended to defraud the creditors of the Corporate Debtor. Show

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Tushara Energy Ventures Private Limited by M/s Varnika Industries Private Limited under Section 9 of the IBC. No resolution plans were received during the CIRP, leading the Committee of Creditors (COC) to decide on liquidation. Mr. Pavan Kankani was appointed as the liquidator. The liquidator filed an application (IA No. 458/2022) for initiating the liquidation process, which was approved by the Tribunal. During the CIRP, the liquidator identified transactions suspected of defrauding creditors and issued show cause notices to the involved parties, including former directors, but their responses were deemed inadequate. The liquidator filed two applications to recover funds from these

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor can be …

**Ratio:** Section 54 of the IBC outlines the criteria for the dissolution of a corporate debtor,

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**Reasoning:** The Tribunal reasoned that the assets of the Corporate Debtor had been completely

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

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**Application:** In this case, the liquidator had made efforts to recover assets but was

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** M/s Varnika…
- **Respondents:** M/s Tushara…

## Timeline

- **2021-11-23 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated by virtue of the Order dated…
- **2022-01-01 — Application for…**: Applicant/Liquidator moved an application before this Tribunal i.e., IA No 458/2022 for…

## 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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