# In the matter of Windsor Papers Private Limited I.A. No. 737 of 2021 in C.P. (I.B) No. 701-9(AHM)-2019

> NCLT judgment dated 2022-03-16. Citation: TCN-2022-NCLT-03712. The Interlocutory Application was filed by the Liquidator, Mr. Amrish Navinchandra Gandhi,…

- **Court:** NCLT
- **Order date:** 16 Mar 2022
- **Citation:** TCN-2022-NCLT-03712
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/windsor-papers-private-limited-ia-no-737-of-2021-in-cp-ib-no-701-9ahm-2019-5a6ed7a8

## Summary

### Background

The Interlocutory Application was filed by the Liquidator, Mr. Amrish Navinchandra Gandhi, under Section 54(1) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the dissolution of the Corporate Debtor, M/s. Windsor Papers Private Limited. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on 2020-09-04. Mr. Amrish Navinchandra Gandhi was appointed as the Interim Resolution Professional (IRP). A public announcement was made, inviting claims from creditors, and only one claim was received from the Operational Creditor. The Committee of Creditors (CoC) resolved to continue the IRP as the RP and publish an Expression of Interest (Eol). The RP did not receive any Resolution Plan. The CoC resolved to initiate the

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## Facts

Mr. Amrish Navinchandra Gandhi, the Liquidator of M/s Windsor Papers Private Limited, filed an Interlocutory Application under Section 54(1) of the Insolvency and Bankruptcy Code, 2016, seeking the dissolution of the Corporate Debtor. The Corporate Debtor was admitted into CIRP on 2020-09-04. Mr. Gandhi was appointed as the IRP and later as the Liquidator. A public announcement was made, and only one claim was received from the Operational Creditor, Shashikant Thakar. The CoC resolved to continue the IRP as RP and publish an Eol, but no Resolution Plan was received. The CoC then resolved to initiate liquidation. The Liquidator made a public announcement and prepared a list of the Stakeholders Consultation Committee (SCC), which consisted of Mr. Shashikant Natverlal

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Windsor Papers Pvt. Ltd., should be dissolved under Section …

**Ratio:** Section 54(2) of the Insolvency and Bankruptcy Code, 2016, stipulates that the

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**Reasoning:** The Adjudicating Authority considered the submissions of the Liquidator, the material on

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**Interpretation:** Section 54(2) provides the legal basis for dissolving a corporate debtor after

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**Application:** In this case, the Liquidator applied for the dissolution of M/s. Windsor Papers

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## Parties

- **Judges:** Madan B.…; Ajai Das Me…
- **Appellants:** Amrish Navinchandr…
- **Respondents:** Windsor Paper…; Shashikant…

## Timeline

- **2020-09-04 — Admission in…**: The Corporate Debtor was admitted into the…
- **2020-09-09 — Public Annou…**: Public announcement was made in 'The Financial…

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