# In the matter of Vhr Enterprises Limited

> NCLT judgment dated 2022-02-17. Citation: TCN-2022-NCLT-04103. The case involves an application for the dissolution of the Corporate Debtor, M/s VHR…

- **Court:** NCLT
- **Order date:** 17 Feb 2022
- **Citation:** TCN-2022-NCLT-04103
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vhr-enterprises-limited-94ce99b6

## Summary

### Background

The case involves an application 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 by the Committee of Creditors (COC). As there was no resolution plan, 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 constituted a stakeholders consultation committee on 14.03.2020. The liquidator filed a Preliminary Report and Asset Memorandum on 05.11.2020 and the final quarterly report on 07.01.2020.

## Facts

The Corporate Debtor, M/s VHR Enterprises Limited, underwent CIRP initiated on 17.05.2019. Beena Nayar was appointed as IRP and later confirmed as RP. Due to the absence of a resolution plan, the COC recommended liquidation on 09.11.2019, leading to a liquidation order on 09.01.2020, with Beena Nayar as liquidator. A public announcement was made on 18.01.2020, resulting in 5 claims received by 18.02.2020. A stakeholders consultation committee was formed on 14.03.2020. The liquidator filed reports, including a Preliminary Report and Asset Memorandum on 05.11.2020, and a final quarterly report on 07.01.2020. The Corporate Debtor had no fixed assets, and the liquidator settled claims as per Section 53 of the IBC, 2016. The realizable assets were completely liquidated,

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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 noted that the liquidator had liquidated the assets of the Corporate Debtor and

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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…; 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 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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