# In the matter of Visa Pharmaceuticals Private Limited

> NCLT judgment dated 2022-04-28. Citation: TCN-2022-NCLT-04887. The case involves multiple I.A.s filed in relation to the Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 28 Apr 2022
- **Citation:** TCN-2022-NCLT-04887
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/visa-pharmaceuticals-private-limited-63830554

## Summary

### Background

The case involves multiple I.A.s filed in relation to the Corporate Insolvency Resolution Process (CIRP) and subsequent liquidation of Visa Pharmaceuticals Private Limited. The CIRP was initiated based on an application by Syndicate Bank, and Mr. Kannan Tiruvengadam was appointed as the Interim Resolution Professional, later confirmed as the Resolution Professional. Due to the absence of a resolution plan, the Adjudicating Authority ordered the liquidation of the Corporate Debtor, and Mr. Chandra Kumar Jain was appointed as the liquidator.

## Facts

Syndicate Bank initiated CIRP against Visa Pharmaceuticals Private Limited.

Kannan Tiruvengadam was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional.

No resolution plan was received during the CIRP.

The Adjudicating Authority ordered the liquidation of Visa Pharmaceuticals Private Limited on January 18, 2021.

Chandra Kumar Jain was appointed as the liquidator.

The liquidator filed applications seeking directions to the Registrar of Companies and for the provision of necessary documents.

A public announcement for the commencement of liquidation was made on January 28, 2021.

The last date for submission of claims was February 17, 2021.

The liquidator opened a new bank account for the Corporate Debtor in Liquidation.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Visa …

**Ratio:** Regulation 45(1) of the

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**Reasoning:** Since there would be no purpose in continuing with the liquidation process, the

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**Interpretation:** The regulation allows for the dissolution of the Corporate Debtor when the

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**Application:** The Adjudicating Authority found no impediment to dissolving the Corporate

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Syndicate…; Chandra Kumar…; +1 more
- **Respondents:** Visa Pharmaceutica…; Registrar of…; +5 more
- **Other parties:** Syndicate Bank…; Kannan Tiruvengada…
- **Advocates:** Avik Chau…; Shaleen…

## Timeline

- **2019-12-03 — Admission o…**: The Adjudicating Authority admitted Visa Pharmaceuticals Private Limited under Corporate…
- **2021-01-18 — Liquidation…**: The Adjudicating Authority passed an order…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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