# In the matter of Weexcel Technologies Pvt. Ltd.

> NCLT judgment dated 2023-10-10. Citation: TCN-2023-NCLT-01313. The case involves an application under Section 54 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 10 Oct 2023
- **Citation:** TCN-2023-NCLT-01313
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/weexcel-technologies-pvt-ltd-599ee4c1

## Summary

### Background

The case involves an application under Section 54 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 14 of the IBBI (Liquidation Process) Regulations, 2016, filed by the Liquidator. The application seeks early dissolution of the Corporate Debtor, We Excel Technologies Pvt. Ltd., and a direction to Syscraft Solutions Pvt. Ltd., the sole member of the Stakeholders Consultation Committee (SCC) and the petitioning Operational Creditor, to pay the CIRP and Liquidation costs. The court observed certain points requiring clarification regarding the liquidation account, SCC meetings, and outstanding costs.

## Facts

Syscraft Solutions Private Limited, an Operational Creditor, initiated a corporate insolvency resolution process (CIRP) against We Excel Technologies Pvt. Ltd. We Excel Technologies Pvt. Ltd. subsequently went into liquidation, and a Liquidator, Mr. Pankaj Kumar Kedia, was appointed. The Liquidator filed an application under Section 54 of the Insolvency and Bankruptcy Code, 2016, seeking early dissolution of We Excel Technologies Pvt. Ltd. and a direction to Syscraft Solutions Pvt. Ltd., the sole member of the Stakeholders Consultation Committee (SCC), to pay the CIRP and liquidation costs. The court observed that the original bank statement for the liquidation account and its closure certificate were missing. Only two out of four SCC meetings were held due to a lack

…

## Issues and analysis

### Issue 1: Whether the application for early dissolution can be approved without the submission of the …

**Ratio:** The liquidation process requires proper accounting and closure of the liquidation account

…

**Reasoning:** The court noted that the applicant had not annexed the original bank statement showing

…

**Interpretation:** The requirement for a bank statement and closure certificate ensures that all

…

**Application:** In this case, the absence of the bank statement and closure certificate

…

## Parties

- **Judges:** BIDISHA BA…; ARVIND DEVA…
- **Respondents:** We Excel Technolog…

## Timeline

- **2016-01-01 — Enactment…**: The Insolvency and…
- **2023-03-22 — 2nd SCC M…**: During the 2nd SCC meeting, it was stated…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/weexcel-technologies-pvt-ltd-599ee4c1