# In the matter of VRJ Traders Private Limited

> NCLT judgment dated 2024-04-03. Citation: TCN-2024-NCLT-01863. The case involves an application for the dissolution of Corporate Debtor M/s VRJ TRADERS…

- **Court:** NCLT
- **Order date:** 3 Apr 2024
- **Citation:** TCN-2024-NCLT-01863
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vrj-traders-private-limited-63fd5410

## Summary

### Background

The case involves an application for the dissolution of Corporate Debtor M/s VRJ TRADERS Private Limited, filed by the Liquidator under Section 54 of the Insolvency & Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor through Company Petition no. (IB)-151/(ND)/2021, which was admitted on 22.12.2021. Mr. Alok Kumar Kuchhal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the RP. Subsequently, a liquidation order was passed on 13.09.2022, and the RP was appointed as the Liquidator. The liquidator issued public announcements, filed necessary forms with the Registrar of Companies, and opened a liquidation account. Claims were received from two operational creditors, and a

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## Facts

M/s VRJ TRADERS Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated via Company Petition no. (IB)-151/(ND)/2021, admitted on 2021-12-22. Alok Kumar Kuchhal was appointed as IRP and later confirmed as RP. A liquidation order was passed on 2022-09-13, appointing the RP as Liquidator. The Liquidator made public announcements and filed Form INC-28 with the Registrar of Companies. A liquidation account was opened with HDFC Bank. Claims were received from two operational creditors totaling Rs. 25,325. A Stakeholders Consultation Committee was formed on 2022-10-14. The liquidator determined fresh valuation was not required. The average value of assets was estimated at Rs. 17,405. The total assets realized during liquidation were Rs. 15,753.44,

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## Issues and analysis

### Issue 1: Whether the assets of the Corporate Debtor have been completely liquidated as required under …

**Ratio:** Section 54 of the IBC, 2016, stipulates that where the assets of the corporate debtor

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**Reasoning:** The Adjudicating Authority considered the liquidator's submissions and the documents on

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**Interpretation:** The interpretation of Section 54 requires a determination of whether all

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**Application:** In this case, the Adjudicating Authority found that the assets of VRJ TRADERS

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; RAHUL BHA…
- **Respondents:** VRJ TRADERS…

## Timeline

- **2021-12-22 — Admission o…**: Company Petition no. (IB)-151/(ND)/2021 was admitted, initiating the Corporate Insolvency…
- **2022-05-24 — RP Confir…**: Mr. Alok Kumar Kuchhal was confirmed as…

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