# In the matter of Usha Multipack Private Limited IA NO. 333-NCLT-AHM-2022 in CP (IB) NO. 295-NCLT-AHM-2018

> NCLT judgment dated 2023-05-19. Citation: TCN-2023-NCLT-03246. The case pertains to an application filed under Section 54(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 19 May 2023
- **Citation:** TCN-2023-NCLT-03246
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/usha-multipack-private-limited-ia-no-333-nclt-ahm-2022-in-cp-ib-no-295-nclt-ahm-c1b817b6

## Summary

### Background

The case pertains to an application filed under Section 54(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 45(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, and Rule 11 of NCLT Rules, 2016, seeking the dissolution of the Corporate Debtor, M/s. Usha Multipack Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 7 of the IBC, 2016, by the Financial Creditor, Siemens Financial Services Private Limited, which was admitted on 06.02.2019. Mr. Pinakin Shah was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Subsequently, a liquidation order was passed on 24.06.2020, and Mr. Pinakin

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## Facts

Siemens Financial Services Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Usha Multipack Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was admitted on 06.02.2019. Pinakin Shah was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Subsequently, an order for liquidation was passed on 24.06.2020, and Pinakin Shah was appointed as the Liquidator. The liquidation estate of Usha Multipack Private Limited comprised plant and machineries financed by Siemens Financial Services Private Limited. These machineries were in the possession of "Maruti Films Barriers," and Saurashtra Gramin Bank had taken symbolic possession of the

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Usha Multipack Private Limited, should be dissolved under …

**Ratio:** Section 54(2) of the Insolvency and Bankruptcy Code, 2016, allows for the dissolution of

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**Reasoning:** The Adjudicating Authority found that the assets of the Corporate Debtor, M/s. Usha

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**Interpretation:** Section 54(2) provides a mechanism for formally concluding the liquidation

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**Application:** Since the assets of M/s. Usha Multipack Private Limited have been fully

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## Parties

- **Judges:** Praveen…; KAUSHALENDRA…
- **Appellants:** Pinakin…
- **Respondents:** Usha Multipack…

## Timeline

- **2019-02-06 — CIRP Admi…**: Corporate Insolvency Resolution Process (CIRP) was admitted vide order dated 06.02.2019…
- **2020-06-24 — Liquidation…**: The order for liquidation was passed vide order dated 24.06.2020 in IA 795 of 2019 in…

## 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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