# In the matter of Weexcel Technologies Pvt. Ltd.

> NCLT judgment dated 2024-04-01. Citation: TCN-2024-NCLT-01905. The case involves an application under Section 54(1) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 1 Apr 2024
- **Citation:** TCN-2024-NCLT-01905
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/weexcel-technologies-pvt-ltd-faf8c9b6

## Summary

### Background

The case involves an application under Section 54(1) of the Insolvency and Bankruptcy Code, 2016, and Regulation 14 of the IBBI (Liquidation Process) Regulations, 2016, filed by the Applicant Liquidator seeking the dissolution of the Corporate Debtor, We Excel Technologies Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated against We Excel Technologies Pvt. Ltd. by Syscraft Solutions Private Limited, the Operational Creditor. The CIRP commenced on 04.09.2019, with Mr. Soumitro Bhose appointed as the Interim Resolution Professional (IRP). Despite efforts, no resolution plan was received by the Committee of Creditors (CoC) by the end of the CIRP period on 02.03.2020. Subsequently, the CoC resolved for liquidation on 25.08.2021, and the Tribunal

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against We Excel Technologies Pvt. Ltd. (Corporate Debtor) by Syscraft Solutions Private Limited (Operational Creditor) under C.P.(IB) No.10/KB/2019, and it was admitted on 04.09.2019. Mr. Soumitro Bhose was appointed as the Interim Resolution Professional (IRP). The last date for completion of the CIRP was 02.03.2020, but no resolution plan was received by the Committee of Creditors (CoC). The CoC, in its 4th meeting held on 25.08.2021, passed a resolution with 100% vote for the liquidation of the Corporate Debtor. The Tribunal ordered liquidation on 24.01.2023. A public announcement was made on 09.02.2023 in 'Financial Express' and 'Ekdin Pratidin'. Only one claim was received from Excel Infocom Pvt.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, We Excel Technologies Pvt. Ltd., should be dissolved given the …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code (IBC) and Regulation 14 of the IBBI

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

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**Interpretation:** Section 54 of the IBC and Regulation 14 of the IBBI (Liquidation Process)

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**Application:** In this case, the Tribunal applied Section 54 of the IBC and Regulation 14 of

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Respondents:** We Excel Technolog…

## Timeline

- **2019-04-09 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP) initiated against We Excel Technologies…
- **2019-09-04 — Appointment…**: Mr. Soumitro Bhose appointed as the…

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