# In the matter of Vhr Enterprises Limited

> NCLT judgment dated 2022-02-17. Citation: TCN-2022-NCLT-04097. The case involves an application for the dissolution of VHR Enterprises Limited, a corporate…

- **Court:** NCLT
- **Order date:** 17 Feb 2022
- **Citation:** TCN-2022-NCLT-04097
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vhr-enterprises-limited-1a552c69

## Summary

### Background

The case involves an application for the dissolution of VHR Enterprises Limited, a corporate debtor undergoing liquidation. The CIRP was initiated on 2019-05-17, with Beena Nayar initially appointed as IRP and later confirmed as RP by the COC. Due to the absence of a resolution plan, the COC recommended liquidation on 2019-11-09. The Adjudicating Authority ordered liquidation on 2020-01-09, appointing the RP as liquidator. Public announcement was made on 2020-01-18, and five claims were received by 2020-02-18. The liquidator filed preliminary reports and asset memorandum. The liquidator also filed the last and final quarterly report for the quarter ended 2020-12-31.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against VHR Enterprises Limited on 2019-05-17. Beena Nayar was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP) by the Committee of Creditors (COC). As no resolution plan was proposed, the COC recommended liquidation on 2019-11-09. The Adjudicating Authority ordered liquidation on 2020-01-09, appointing the RP as liquidator under Section 34(1) of the IBC, 2016. A public announcement was made on 2020-01-18, and five claims were received by 2020-02-18. The liquidator filed preliminary reports and asset memorandum with the Adjudicating Authority on 2020-11-05. The liquidator also filed the last and final quarterly report for the quarter ended

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, VHR Enterprises Limited, should be …

**Ratio:** Section 54(2) of the Insolvency and Bankruptcy Code (IBC), 2016, grants the Adjudicating

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**Reasoning:** The Adjudicating Authority noted that the liquidator had liquidated the assets of the

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**Interpretation:** Section 54(2) empowers the Adjudicating Authority to dissolve a corporate

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**Application:** Given that the liquidator had completed the liquidation process and distributed

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## Parties

- **Judges:** Bhaskara Pantula…; BINOD KUMAR…
- **Appellants:** Beena N…
- **Respondents:** VHR Enterprises…; VHR Enterprises…

## Timeline

- **2019-05-17 — CIRP Init…**: CIRP initiated against the Corporate Debtor…
- **2019-05-17 — Appointment…**: Mrs. Beena Nayar was initially appointed…

## 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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