# In the matter of Utility Agrotech Industries Pvt. Ltd.

> NCLT judgment dated 2024-01-08. Citation: TCN-2024-NCLT-03267. The case pertains to an application filed under Section 54(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 8 Jan 2024
- **Citation:** TCN-2024-NCLT-03267
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/utility-agrotech-industries-pvt-ltd-683a9300

## Summary

### Background

The case pertains to an application filed under Section 54(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 45 of the IBBI (Liquidation Process) Regulations, 2016, and Rule 11 of the NCLT Rules, 2016, for the dissolution of the Corporate Person, M/s. Utility Agrotech Industries Pvt. Ltd., which was under voluntary liquidation. The corporate debtor was admitted into CIRP on 2021-03-16 and ordered for liquidation on 2021-10-08. The liquidator, Mr. Vikas Prakash Gupta, sought dissolution after liquidating the assets.

## Facts

M/s. Utility Agrotech Industries Private Limited (Corporate Debtor) was under voluntary liquidation. The company was admitted into CIRP on 2021-03-16 and ordered for liquidation on 2021-10-08. Mr. Vikas Prakash Gupta was appointed as the liquidator. The liquidator constituted a consultation committee on 2021-12-07 and held the first Stakeholder's Consultation Committee Meeting on 2022-01-04. The liquidator held 13 meetings of the Stakeholder's Consultation Committee. The company's assets, consisting of three parcels of land (Block-1, Block-2, and Block-3), were sold through e-auctioning. The liquidator submitted a final report dated 2023-07-15 as per regulation 45 of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The sale proceeds

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor is required to be …

**Ratio:** Section 54(1) of the IBC, 2016 allows for the dissolution of a corporate debtor after the

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**Reasoning:** The court reasoned that since the assets of the Corporate Debtor were completely

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**Interpretation:** Section 54(2) of the IBC, 2016 provides the Adjudicating Authority the power to

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**Application:** The court applied Section 54(2) of the IBC, 2016 to the facts of the case,

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## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Appellants:** Vikas Prakash…
- **Respondents:** Utility Agrotech…

## Timeline

- **2021-03-16 — Admission in…**: The corporate debtor, M/s. Utility Agrotech Industries Pvt. Limited, was admitted into…
- **2021-10-08 — Order for Liq…**: The Bench ordered for…

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