# In the matter of Visa Pharmaceuticals Private Limited

> NCLT judgment dated 2022-04-28. Citation: TCN-2022-NCLT-04886. The case involves multiple IAs filed in relation to the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 28 Apr 2022
- **Citation:** TCN-2022-NCLT-04886
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/visa-pharmaceuticals-private-limited-8c8abb1a

## Summary

### Background

The case involves multiple IAs 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 Resolution Professional. As no resolution plan was received, the Adjudicating Authority ordered the liquidation of the Corporate Debtor, and Mr. Chandra Kumar Jain was appointed as the liquidator.

## Facts

Visa Pharmaceuticals Private Limited was admitted into Corporate Insolvency Resolution Process (CIRP) vide order dated 03 December, 2019.

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

No resolution plan was received during the CIRP.

An order for liquidation of the Corporate Debtor was passed on 18 January, 2021.

Mr. Chandra Kumar Jain was appointed as the liquidator.

The liquidator filed applications seeking dissolution of the Corporate Debtor and directions to the Registrar of Companies.

The Financial Creditor agreed to pay the Liquidator's fees.

The Liquidator made a public announcement for commencement of liquidation on 28 January, 2021.

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

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Visa Pharmaceuticals Private Limited, should be dissolved given the …

**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 applied this regulation and ordered the dissolution

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## Parties

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

## Timeline

- **2019-12-03 — Admission in…**: Visa Pharmaceuticals Private Limited was admitted into Corporate Insolvency Resolution…
- **2021-01-18 — Liquidation…**: An order for liquidation of the…

## 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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