# Dushyant C Dave, Liquidator of Siddhi Vinayak Logistic Limited vs. Siddhi Vinayak Logistic Limited

> NCLT judgment dated 2026-10-07. Citation: TCN-2026-NCLT-01106. The Corporate Insolvency Resolution Process (CIRP) for Siddhi Vinayak Logistic Limited was…

- **Court:** NCLT
- **Order date:** 7 Oct 2026
- **Citation:** TCN-2026-NCLT-01106
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/siddhi-vinayak-logistic-limited-hoogd

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) for Siddhi Vinayak Logistic Limited was initiated on September 12, 2017, by Punjab National Bank. Mr. Dushyant C Dave was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. Subsequently, the Corporate Debtor was ordered into liquidation on November 19, 2018, with Mr. Dushyant C Dave appointed as the Liquidator. The Liquidator faced challenges including the attachment of assets by the Enforcement Directorate (ED) under the PMLA, leading to initial dismissal of the dissolution application due to unrelinquished secured assets held by State Bank of India (SBI).

## Facts

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

The Corporate Debtor was admitted by NCLT, Ahmedabad Bench, on 12.09.2017, initiating CIRP.

Mr. Dushyant C Dave (IBBI registration no. IBBI/IPA-N00061/2017-2018/10502) was appointed as Interim Resolution Professional and later confirmed as Resolution Professional.

The Resolution Professional filed an application under Section 33 of the IBC, 2016, seeking liquidation of the Corporate Debtor.

The liquidation application was allowed by the Tribunal on 19.11.2018, appointing Mr. Dushyant C Dave as the Liquidator.

The Liquidator made a public announcement in Form B on 24.11.2018 in Business Standard and Sandesh.

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## Issues and analysis

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

**Ratio:** An application for dissolution of a Corporate Debtor can be allowed if the liquidation

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**Reasoning:** The Liquidator has realized assets, distributed proceeds, assigned Not Readily Realizable

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**Interpretation:** Section 54 of the IBC, particularly as amended, provides for the dissolution of

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**Application:** The Tribunal found that the Liquidator had complied with all statutory

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## Parties

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

## Timeline

- **2017-09-12 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Siddhi Vinayak Logistic…
- **2018-11-19 — Liquidation…**: The Tribunal allowed the application for liquidation of the Corporate Debtor, and Mr.…

## 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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