# In the matter of Panache Exports Private Limited

> NCLT judgment dated 2025-03-04. Citation: TCN-2025-NCLT-01092. The application IA No. 54 of 2024 was filed by the Liquidator, Ajit Gyanchand Jain, for the…

- **Court:** NCLT
- **Order date:** 4 Mar 2025
- **Citation:** TCN-2025-NCLT-01092
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/panache-exports-private-limited-3465a65b

## Summary

### Background

The application IA No. 54 of 2024 was filed by the Liquidator, Ajit Gyanchand Jain, for the dissolution of the Corporate Debtor, Panache Exports Pvt. Ltd., under Section 54 of the IBC, 2016.

## Facts

CIRP was initiated against Panache Exports Private Ltd. on 25.11.2019.

Mayank Rameshchandra Jain was appointed as IRP and later confirmed as RP.

The CoC approved the initiation of liquidation under Section 33 of the IBC due to the non-receipt of a resolution plan.

Ajit Gyanchand Jain was appointed as the Liquidator of the Corporate Debtor.

The Liquidator made a public announcement on 13.10.2022, calling for stakeholders to submit claims.

The Liquidator received claims from Municipal Corporation of Greater Mumbai and Multistoried IT & Gems Commercial Premises Co-operative Society Limited.

The assets of the Corporate Debtor were sold off via e-auctions.

The Liquidator distributed the realized value to the stakeholders as per Section 53 of the Code.

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor under Section 54 of the IBC, 2016 …

**Ratio:** Section 54 of the IBC, 2016 allows for the dissolution of a corporate debtor after the

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**Reasoning:** The Liquidator has completed the liquidation process, sold off the assets, and

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**Interpretation:** The Tribunal interprets Section 54 to mean that once the liquidation process is

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**Application:** The Tribunal applied Section 54 and allowed the application for dissolution of

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Ajit Gyanchand…
- **Respondents:** Panache Exports…
- **Other parties:** Noori Metal…; Indojewel…; +7 more
- **Advocates:** Geeta Tor…

## Timeline

- **2019-11-25 — CIRP Init…**: CIRP initiated against…
- **2019-12-27 — IRP Confir…**: Mayank Rameshchandra…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 36 — Liquidation estate](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-36)

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