# In the matter of Vhr Enterprises Limited

> NCLT judgment dated 2022-02-17. Citation: TCN-2022-NCLT-04087. The case pertains to IA No. 128/2021 filed in CP(IB) No. 210/9/HDB/2019 under Section 54(1) and…

- **Court:** NCLT
- **Order date:** 17 Feb 2022
- **Citation:** TCN-2022-NCLT-04087
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vhr-enterprises-limited-5b2dcf12

## Summary

### Background

The case pertains to IA No. 128/2021 filed in CP(IB) No. 210/9/HDB/2019 under Section 54(1) and Section 60(5)(a) of the Insolvency & Bankruptcy Code, 2016 and Regulation 45(3)(b) of IBBI (Liquidation Process) Regulations, 2016 R/W Rule 32 and Rule 11 of the NCLT Rules, 2016, seeking an order for the dissolution of the Corporate Debtor, M/s VHR Enterprises Limited. The CIRP was initiated against the Corporate Debtor on 17.05.2019, and Mrs. Beena Nayar was appointed as IRP and later confirmed as RP. As no resolution plan was proposed, the COC recommended liquidation on 09.11.2019. The Adjudicating Authority ordered liquidation on 09.01.2020, appointing the RP as liquidator. The liquidator made a public announcement on 18.01.2020, receiving 5 claims by 18.02.2020 and

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## 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). Due to the absence of a viable resolution plan, the Committee of Creditors (COC) recommended the liquidation of the Corporate Debtor on 2019-11-09. The Adjudicating Authority subsequently ordered the liquidation on 2020-01-09, appointing the RP as the liquidator. A public announcement was made on 2020-01-18, inviting stakeholders to submit their claims. The liquidator received five claims by 2020-02-18 and formed a stakeholders consultation committee on 2020-03-14. The liquidator filed preliminary reports and asset memoranda with the

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, M/s VHR Enterprises Limited, …

**Ratio:** Section 54(2) of the I&B Code, 2016, grants the Adjudicating Authority the power to

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**Reasoning:** The court reasoned that the liquidator had liquidated the assets of the Corporate Debtor

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**Interpretation:** Section 54(1) allows a liquidator to apply to the Adjudicating Authority for

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**Application:** The court applied the ratio to the facts of the case, noting that the

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## Parties

- **Judges:** Bhaskara Pantula…; BINOD KUMAR…
- **Respondents:** VHR Enterprises…; Sujana Universal…

## 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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