# In the matter of Weexcel Technologies Pvt. Ltd.

> NCLT judgment dated 2023-10-10. Citation: TCN-2023-NCLT-01316. 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-01316
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/weexcel-technologies-pvt-ltd-f253944f

## 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 has raised concerns regarding the closure of the liquidation account, the holding of SCC meetings, and the settlement of CIRP and liquidation costs.

## Facts

Syscraft Solutions Private Limited is the Operational Creditor of We Excel Technologies Pvt. Ltd., which is undergoing liquidation. The Liquidator filed an application (IA(IBC)/1257(KB)2023) under Section 54 of the Insolvency and Bankruptcy Code, 2016, seeking early dissolution of the Corporate Debtor. Syscraft Solutions Pvt. Ltd. is also the sole member of the Stakeholders Consultation Committee. The court observed that the applicant has not annexed the original bank statement showing receipt and payment with regard to Liquidation Account from the date of opening to date of closure of the said Liquidation Account opened in the name of the Corporate Debtor along with a certificate from the Bank that the account has been closed after the balance become “zero”. Only two

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## Issues and analysis

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

**Ratio:** The court requires proper documentation to ensure transparency and accountability in the

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**Reasoning:** The court emphasizes the need for complete financial records to verify the status of the

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**Interpretation:** The court interprets the provisions of the IBC and IBBI regulations to require

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**Application:** In this case, the Liquidator's failure to provide the bank statement and

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## Parties

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

## Timeline

- **2016-01-01 — Enactment…**: The Insolvency and…
- **2023-03-22 — 2nd SCC M…**: The 2nd SCC meeting was held, where it was stated that 'talks of settlement is in…

## 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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