# Navin Khandelwal, Liquidator of Oxygen Lifeline Retail Pvt Ltd vs. HDFC Bank Ltd & Ors

> NCLT judgment dated 2026-05-15. Citation: TCN-2026-NCLT-00501. IA No. 321 of 2023 is an application filed by Mr. Navin Khandelwal, Liquidator of Oxygen…

- **Court:** NCLT
- **Order date:** 15 May 2026
- **Citation:** TCN-2026-NCLT-00501
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-indore/navin-khandelwal-liquidator-of-oxygen-lifeline-retail-pvt-ltd-vs-hdfc-bank-ltd-o-hebql

## Summary

### Background

IA No. 321 of 2023 is an application filed by Mr. Navin Khandelwal, Liquidator of Oxygen Lifeline Retail Private Limited (Corporate Debtor), seeking dissolution of the Corporate Debtor under Section 54 of the Insolvency and Bankruptcy Code, 2016, and Regulation 45 of the IBBI (Liquidation Process) Regulations, 2016. The Corporate Debtor was admitted into CIRP on 07.10.2021 and subsequently into liquidation on 22.09.2022. The Liquidator has completed the liquidation process, including the realization and distribution of assets to stakeholders.

## Facts

IA No. 321 of 2023 is an application for dissolution of M/s Oxygen Lifeline Retail Private Limited (CD) filed by Liquidator Mr. Navin Khandelwal under Section 54 of IBC, 2016, and Regulation 45 of Liquidation Process Regulations, 2016.

Oxygen Lifeline Retail Private Limited (CD) was incorporated on 01.09.2017.

The CD was admitted into Corporate Insolvency Resolution Process (CIRP) on 07.10.2021 and subsequently into liquidation under Section 33 of the Code on 22.09.2022.

Mr. Navin Khandelwal (IBBI Registration No. IBBI/IPA-001/IP-P00703/2017-2018/11301) was appointed as the Liquidator.

The Liquidator made a Public Announcement in FORM-B on 03.10.2022 for submission of claims and intimated the Information Utility about the commencement of liquidation proceedings.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Oxygen Lifeline Retail Private Limited, should be dissolved under …

**Ratio:** Section 54(1) of the IBC, 2016, mandates a liquidator to make an application to the

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**Reasoning:** The Liquidator has filed the present application for dissolution after liquidating all

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**Interpretation:** The provisions of Section 54 and Regulation 45 are interpreted to provide a

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**Application:** The Liquidator of Oxygen Lifeline Retail Private Limited successfully completed

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## Parties

- **Judges:** Brajendra Mani…; Member…; +2 more
- **Appellants:** Navin Khan…; Liquidator of…
- **Respondents:** Oxygen Lifeline…; HDFC Bank Ltd &…; +1 more
- **Other parties:** Stakeholders…; HDFC Bank L…; +4 more
- **Advocates:** Vishal…; Mohd. Zeesh…

## Timeline

- **2017-09-01 — Incorporation of…**: M/s Oxygen Lifeline Retail Private…
- **2021-10-07 — Admission in…**: The Corporate Debtor was admitted into…

## 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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