# In the matter of Greenline Builders Limited IA-2533-ND-2022 in IB No. 591(ND)-2020

> NCLT judgment dated 2022-06-10. Citation: TCN-2022-NCLT-04666. The Tribunal allowed an application for liquidation of the Corporate Debtor, M/s Greenline…

- **Court:** NCLT
- **Order date:** 10 Jun 2022
- **Citation:** TCN-2022-NCLT-04666
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/greenline-builders-limited-ia-2533-nd-2022-in-ib-no-591nd-2020-14f95d4a

## Summary

### Background

The Tribunal allowed an application for liquidation of the Corporate Debtor, M/s Greenline Builders Limited, and appointed Mohd. Nazim Khan as the Liquidator.

## Facts

The Tribunal allowed application number 1784 of 2021 for liquidation of the Corporate Debtor on 18.08.2021.

Mohd. Nazim Khan was appointed as the Liquidator with Registration No. IBBI/IPA-002/IPA-N00076/2017-2018/10207.

The Liquidator constituted a stakeholders consultation committee as per Regulation 31A of the Liquidation Process Regulations, 2016.

A public announcement was made for the sale of the entire business as a going concern, but no proposals were received.

The Liquidator issued a letter dated 20.05.2022 to the sole stakeholder for extinguishment of liabilities.

The Liquidator issued a request letter to the bank on 18.05.2022 to close the bank account of the liquidation.

The Liquidator prepared a final report and compliance certificate in Form H.

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be dissolved under Section 54 of the Insolvency and Bankruptcy …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016 allows for the dissolution of a

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**Reasoning:** The Liquidator has complied with all statutory obligations, realized all assets, and

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**Interpretation:** The provision allows for the dissolution of a corporate debtor when the

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**Application:** Since all assets of M/s Greenline Builders Limited have been realized and there

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## Parties

- **Judges:** DHARMINDER…; SUMITA PURK…; +1 more
- **Appellants:** Mohd. Nazi…
- **Respondents:** M/s Greenline…
- **Other parties:** THE NATIONAL…; M/s Redhex IT…

## Timeline

- **2021-08-18 — Liquidation…**: Tribunal allowed the application for…
- **2021-09-25 — Public Annou…**: Public announcement for the sale of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 230 — Delegation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-230)

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