# In the matter of World Consulting and Research Corporation Pvt. Ltd.

> NCLT judgment dated 2023-09-26. Citation: TCN-2023-NCLT-01462. The case involves an application for the dissolution of World Consulting & Research Corporation…

- **Court:** NCLT
- **Order date:** 26 Sept 2023
- **Citation:** TCN-2023-NCLT-01462
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/world-consulting-and-research-corporation-pvt-ltd-0bf0d414

## Summary

### Background

The case involves an application for the dissolution of World Consulting & Research Corporation Pvt. Ltd., filed by the Liquidator under Section 54 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following an application by an operational creditor, Tathagata Bhattacharya. An Interim Resolution Professional (IRP) was appointed, who made a public announcement inviting claims from creditors. However, the IRP was initially unable to constitute a committee of creditors (CoC) due to the lack of claims from secured creditors HDFC Bank and ICICI Bank. Subsequently, after directions from the Tribunal, HDFC Bank filed a claim, leading to the formation of a CoC with HDFC Bank as the

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## Facts

Mr. Tathagata Bhattacharya, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against World Consulting & Research Corporation Pvt. Ltd. The CIRP was initiated on 2018-01-08. Mr. Pankaj Khaitan was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement inviting claims from creditors. WCRC International Private Limited, a related party of the corporate debtor, filed a claim during CIRP but failed to do so during the liquidation period. Initially, the IRP was unable to constitute a committee of creditors (CoC) because HDFC Bank and ICICI Bank did not file their claims. The Tribunal allowed the creditors to file their claim within one week from the date of such order. HDFC Bank filed a claim, leading

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## Issues and analysis

### Issue 1: Whether the assets of the Corporate Debtor have been completely liquidated as required under …

**Ratio:** Section 54 of the IBC, 2016, stipulates that where the assets of the corporate debtor

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**Reasoning:** The Tribunal considered the Liquidator's submission that all assets of the Corporate

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**Interpretation:** This provision mandates that before a corporate debtor can be dissolved, all

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**Application:** In this case, the Tribunal found that the Liquidator had indeed liquidated all

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## Parties

- **Judges:** BACHU VENKAT…; RAHUL BHA…
- **Appellants:** Tathagata…
- **Respondents:** World Consulting…; M/s World…

## Timeline

- **2018-01-08 — CIRP Init…**: CIRP initiated against World…
- **2018-01-01 — Public Annou…**: IRP made a public announcement inviting…

## 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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