# In the matter of Vvr Innovate Materials Private Limited

> NCLT judgment dated 2024-07-30. Citation: TCN-2024-NCLT-00925. The case involves an application filed by the Liquidator of VVR Innovate Materials Private…

- **Court:** NCLT
- **Order date:** 30 Jul 2024
- **Citation:** TCN-2024-NCLT-00925
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vvr-innovate-materials-private-limited-065277b0

## Summary

### Background

The case involves an application filed by the Liquidator of VVR Innovate Materials Private Limited, seeking dissolution of the Corporate Debtor under Section 54(1) of the Insolvency and Bankruptcy Code, 2016 (IBC). The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 06 June 2022, and Sakhamuru Venu was appointed as the Interim Resolution Professional (IRP). The sole member of the Committee of Creditors (CoC), Dharmesh Gajjar, dissented on all agendas, leading to non-cooperation. Consequently, the Tribunal ordered liquidation on 10 February 2023, appointing the Applicant as Liquidator.

## Facts

VVR Innovate Materials Private Limited was admitted into CIRP on 06 June 2022. Sakhamuru Venu was appointed as IRP. The sole member of the CoC, Dharmesh Gajjar, dissented on all agendas. The Tribunal ordered liquidation on 10 February 2023, appointing the Applicant as Liquidator. A public announcement was made on 18 February 2023, inviting claims from stakeholders. The Liquidator received a claim only from Dharmesh Gajjar (Proprietor of Dhanshree Impex) for INR 22,00,537. The Liquidator convened the first SCC meeting on 24 February 2023, which was adjourned and held on 25 February 2024. The Liquidator filed a Preliminary Report dated 02 May 2024. The assets of the Corporate Debtor included a HP Laptop, Printer, and Mobile. The Tribunal allowed the sale of assets via

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## Issues and analysis

### Issue 1: Whether the Corporate …

**Ratio:** Section 54(1) of the IBC lays down the criteria for the dissolution of a Corporate Debtor

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**Reasoning:** The Tribunal observed that the assets of the Corporate Debtor had been completely

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**Interpretation:** Section 54(1) of the IBC allows for the dissolution of a corporate debtor once

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**Application:** In this case, the Liquidator had liquidated the assets of VVR Innovate

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## Parties

- **Judges:** N. Venkata…; SH. CHARAN…
- **Appellants:** DHARMESH…
- **Respondents:** VVR INNOVATE…
- **Advocates:** Bendi Rav…; Bendi Rav…

## Timeline

- **2022-06-06 — Admission in…**: The Corporate Debtor was admitted into…
- **2022-06-06 — Appointment…**: Sakhamuru Venu was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54 — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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