# In the matter of Wayne-Burt Aerospace Private Limited

> NCLT judgment dated 2023-12-13. Citation: TCN-2023-NCLT-00272. The application IA (IBC)/2062 (CHE)/2023 was filed under Section 54 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 13 Dec 2023
- **Citation:** TCN-2023-NCLT-00272
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/wayne-burt-aerospace-private-limited-91b235c3

## Summary

### Background

The application IA (IBC)/2062 (CHE)/2023 was filed under Section 54 of the Insolvency and Bankruptcy Code, 2016, concerning the matter of Wayne Burt Aerospace Private Limited. The Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by the Tribunal on 24.03.2021. The applicant, A.Mohan Kumar, was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Liquidation of the Corporate Debtor was ordered on 28.04.2022. A public announcement was made on 03.05.2022, inviting claims from stakeholders, with a deadline of 28.05.2022. The applicant received only one claim from the Sole Financial Creditor, amounting to Rs. 4,61,79,030/-, which was admitted. A liquidation bank account was opened on

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## Facts

The Corporate Insolvency Resolution Process (CIRP) of Wayne Burt Aerospace Private Limited was initiated on 2021-03-24. A.Mohan Kumar was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The liquidation of the Corporate Debtor was ordered on 2022-04-28. A public announcement was made on 2022-05-03, with a claim submission deadline of 2022-05-28. Only one claim was received from the Sole Financial Creditor for Rs. 4,61,79,030/-, which was admitted. A liquidation bank account was opened on 2022-04-01. The Sole SCC member informed the liquidator on 2023-04-24 that the promoter was discussing a settlement scheme with the Sole Financial Creditor. There were no business operations or tangible assets. The SCC decided to

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Wayne Burt Aerospace Private Limited, has been completely liquidated …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, provides for the dissolution of a

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**Reasoning:** The Tribunal reviewed the final report and the Compliance Certificate filed in Form-H by

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**Interpretation:** Section 54 of the IBC, 2016, allows for the dissolution of a corporate debtor

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**Application:** Based on the liquidator's report and compliance certificate, the Tribunal

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** A. Mohan…
- **Respondents:** Wayne Burt…

## Timeline

- **2021-03-24 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by…
- **2022-04-28 — Liquidation…**: Liquidation of the Corporate…

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