# In the matter of S. K. Masala and Foods Limited IA No. 727-(AHM)-2021 in C.P. (I.B.) No. 468 (AHM)-2018

> NCLT judgment dated 2023-06-08. Citation: TCN-2023-NCLT-05479. The case pertains to an application filed by the Liquidator, Mr. Gordhanbhai Godhani, for the…

- **Court:** NCLT
- **Order date:** 8 Jun 2023
- **Citation:** TCN-2023-NCLT-05479
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/s-k-masala-and-foods-limited-ia-no-727-ahm-2021-in-cp-ib-no-468-ahm-2018-5aab945c

## Summary

### Background

The case pertains to an application filed by the Liquidator, Mr. Gordhanbhai Godhani, for the dissolution of the Corporate Debtor, M/s. S.K. Masala & Foods Limited, under Section 54 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 45(3)(b) of the IBBI (Liquidation Process) Regulations, 2016.

## Facts

The Operational Creditor, C. Girdharlal Gheewala, had filed an application under Section 9 of the IB Code, 2016, for initiating CIRP against M/s. S.K. Masala & Foods Limited.

The CIRP was admitted on 17.09.2019, and Mr. Bhupendra Singh Narayan Singh Rajput was appointed as the Interim Resolution Professional (IRP).

The Committee of Creditors (CoC) approved the resolution to liquidate the corporate debtor on 06.03.2020, as no viable resolution plan was received.

The Adjudicating Authority allowed the application for liquidation on 12.02.2021 and appointed the applicant, Mr. Gordhanbhai Godhani, as the Liquidator under Section 34(1) of the Code.

The Liquidator gave public announcements in newspapers, inviting proof of claims from stakeholders and creditors.

…

## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, M/s. S.K. Masala & Foods …

**Ratio:** Section 54(2) of the I.B. Code allows the Adjudicating Authority to order the dissolution

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**Reasoning:** The Liquidator has complied with the necessary regulations and procedures, including

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**Interpretation:** The Adjudicating Authority interprets Section 54(2) to allow for the

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**Application:** The Adjudicating Authority, in exercise of the powers conferred under section

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## Parties

- **Judges:** SHAMMI…; Ajai Das Me…
- **Appellants:** Gordhanbhai…; Gordhanbhai…
- **Respondents:** S.K. Masala &…
- **Other parties:** Punjab National…; Bhupendra Singh…; +3 more
- **Advocates:** Arjun Pad…; Pankti…; +1 more

## Timeline

- **17.09.2019 — CIRP Admi…**: CIRP initiated against M/s.…
- **06.03.2020 — CoC Approval for…**: CoC approved the resolution to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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