Navin Khandelwal Vs HDFC Bank Ltd & Ors (NCLT Indore)
In Navin Khandelwal Vs HDFC Bank Ltd & Ors, the NCLT Indore Bench considered an application filed by the Liquidator under Section 54 of the Insolvency and Bankruptcy Code, 2016 seeking dissolution of Oxygen Lifeline Retail Private Limited after completion of liquidation proceedings.
The Corporate Debtor was admitted into CIRP on 7 October 2021 and later ordered into liquidation on 22 September 2022. The Liquidator conducted the liquidation process in accordance with the IBC and Liquidation Process Regulations. Public announcement inviting claims was issued on 3 October 2022, claims were verified, and the Stakeholders Consultation Committee (SCC) was constituted on 26 November 2022. Admitted claims included HDFC Bank as secured financial creditor with admitted dues of Rs. 7.45 crore and operational creditors with admitted claims of Rs. 3.67 crore.
The Corporate Debtor possessed two movable assets, namely an Audi A6 and a Tata Hexa XT. Registered valuers were appointed and both vehicles were sold through e-auction during June 2023. The total liquidation value of the assets was Rs. 29.20 lakh and the realised amount was Rs. 28.77 lakh. The sale proceeds were deposited into the liquidation account and distributed in accordance with Section 53 of the IBC.
