# In the matter of Neocortex Life Sciences Pvt Ltd

> NCLT judgment dated 2026-02-04. Citation: TCN-2026-NCLT-00098. The case pertains to the dissolution of Neocortex Life Sciences Private Limited under Section…

- **Court:** NCLT
- **Order date:** 4 Feb 2026
- **Citation:** TCN-2026-NCLT-00098
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-hyderabad/neocortex-life-sciences-pvt-ltd-576f8149

## Summary

### Background

The case pertains to the dissolution of Neocortex Life Sciences Private Limited under Section 54(1) of the Insolvency and Bankruptcy Code, 2016, following a liquidation process.

## Facts

Corporate Debtor (CD) was admitted into CIRP on 13.02.2024.

The Applicant was appointed as the Interim Resolution Professional (IRP).

The Applicant filed an IA for liquidation of the CD as it did not possess substantial assets.

The Tribunal directed liquidation of the CD on 22.07.2025 and appointed the Applicant as Liquidator.

Public announcement was made inviting stakeholders to submit claims, but no claim was received during liquidation.

A Stakeholders Consultation Committee (SCC) was constituted, but none of the members attended any meetings.

The Liquidator identified book-value assets, but the realisable asset value was NIL.

A total sum of ₹68,405 was realised from the CD's bank accounts.

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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(1) of the IBC states that where the assets of the corporate debtor have been

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**Reasoning:** The Liquidator submitted that the estate of the CD was fully depleted, and the realisable

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**Interpretation:** The Adjudicating Authority interpreted Section 54(1) to mean that if all assets

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**Application:** The Adjudicating Authority applied Section 54(1) and found that the assets were

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Neocortex Life…
- **Respondents:** M/S NEOCORTEX…
- **Other parties:** Mr R Ramakrishna…
- **Advocates:** Mr Shaik…

## Timeline

- **2024-02-13 — CIRP Admi…**: Corporate Debtor was admitted into Corporate…
- **2025-07-22 — Liquidation…**: Tribunal directed liquidation of the CD and…

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