# In the matter of Yash Smelter Private Limited

> NCLT judgment dated 2024-03-22. Citation: TCN-2024-NCLT-01982. The case involves an application under Section 54 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 22 Mar 2024
- **Citation:** TCN-2024-NCLT-01982
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/yash-smelter-private-limited-fe482665

## Summary

### Background

The case involves an application under Section 54 of the Insolvency and Bankruptcy Code, 2016, seeking the dissolution of Yash Smelter Private Limited, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by Agarwal Alloys (Operational Creditor) under Section 9 of the Code. The Applicant was appointed as the Interim Resolution Professional (IRP) and later confirmed as Resolution Professional (RP). Subsequently, liquidation was ordered, and the Applicant was appointed as the Liquidator. Public announcement of the liquidation was made, and the Liquidator opened a bank account for the Corporate Debtor. Several applications for extension of the liquidation period were filed, but the

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## Facts

Agarwal Alloys, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Yash Smelter Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority admitted the petition on 25/07/2019. An Interim Resolution Professional (IRP) was appointed, who was later confirmed as the Resolution Professional (RP). Subsequently, on 27/01/2020, the Adjudicating Authority ordered the liquidation of the Corporate Debtor and appointed the RP as the Liquidator. The Liquidator made a public announcement on 01/02/2020, inviting claims from stakeholders. The Liquidator opened a bank account in the name of the Corporate Debtor. The Adjudicating Authority granted an extension of six months to

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Yash Smelter Private Limited, should be dissolved under Section 54 of …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, allows for the dissolution of a

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**Reasoning:** The court reasoned that the affairs of the Corporate Debtor had been completely wound up,

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**Interpretation:** Section 54 provides a mechanism for formally dissolving a corporate entity

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**Application:** In this case, the Liquidator demonstrated that all assets of Yash Smelter

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** Agarwal A…
- **Respondents:** Yash Smelter…

## Timeline

- **2019-07-25 — Initiation…**: Adjudicating Authority directed initiation of Corporate Insolvency Resolution Process…
- **2020-01-27 — Liquidation…**: Adjudicating Authority ordered liquidation of the Corporate Debtor and appointed Mr.…

## 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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