# Dushyant C Dave, Liquidator of Siddhi Vinayak Logistic Limited vs. Siddhi Vinayak Logistic Limited (In Liquidation)

> NCLT judgment dated 2026-10-07. Citation: TCN-2026-NCLT-01158. The Corporate Insolvency Resolution Process (CIRP) was initiated against Siddhi Vinayak…

- **Court:** NCLT
- **Order date:** 7 Oct 2026
- **Citation:** TCN-2026-NCLT-01158
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/siddhi-vinayak-logistic-limited-3ggax

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against Siddhi Vinayak Logistic Limited on 12.09.2017 by Punjab National Bank. Mr. Dushyant C Dave was appointed as the Interim Resolution Professional, then Resolution Professional, and subsequently as the Liquidator on 19.11.2018. During the liquidation, a significant portion of the Corporate Debtor's movable assets (6170 vehicles) were provisionally attached by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA). While some vehicles were later released, 1344 non-traceable vehicles remained under attachment. The Liquidator conducted auctions, realized assets, and distributed proceeds to stakeholders. Not Readily Realizable Assets (NRRA), including proceedings related to

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## Facts

CP(IB) No. 89/NCLT/AHM/2017, filed by Punjab National Bank under Section 7 of the IBC, 2016, against Corporate Debtor Siddhi Vinayak Logistic Limited, was admitted on 12.09.2017.

Mr. Dushyant C Dave was appointed as the Interim Resolution Professional and later confirmed as Resolution Professional by the Committee of Creditors.

The Resolution Professional filed an application under Section 33 of the IBC, 2016, for liquidation, which was allowed on 19.11.2018, and Mr. Dushyant C Dave was appointed as the Liquidator.

A public announcement in Form B was made on 24.11.2018, with the last date for claims specified as 23.12.2018.

The Liquidator filed the list of stakeholders, Preliminary Report, and Asset Memorandum on 30.01.2019.

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, Siddhi Vinayak Logistic Limited, …

**Ratio:** The application for dissolution is allowed as the liquidation process has reached

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**Reasoning:** The Tribunal considered the Final Report, Compliance Certificate, audited accounts, and

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**Interpretation:** Section 54 of the Code, as amended by the IBC (Amendment) Act, 2026, permits

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**Application:** The Corporate Debtor, Siddhi Vinayak Logistic Limited, is dissolved with effect

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## Parties

- **Judges:** SHAMMI KHAN,…; SANJEEV SHARMA,…
- **Appellants:** Dushyant C Dave,…
- **Respondents:** Siddhi Vinayak…; Siddhi Vinayak…
- **Other parties:** Committee of…; Punjab National…; +8 more
- **Advocates:** Shalin…; Learned Counsel…

## Timeline

- **2017-09-12 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Siddhi Vinayak Logistic…
- **2018-11-19 — Liquidation Commencement & Liquidator…**: Liquidation commenced, and Mr. Dushyant C…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54 — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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