# In the matter of Saka Ltd. IB-88-ND-2020

> NCLT judgment dated 2021-02-23. Citation: TCN-2021-NCLT-02944. The case involves M/s. Adonis Electronics Pvt. Ltd. as the petitioner and M/s. Saka Ltd. as the…

- **Court:** NCLT
- **Order date:** 23 Feb 2021
- **Citation:** TCN-2021-NCLT-02944
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/saka-ltd-ib-88-nd-2020-6281a5cb

## Summary

### Background

The case involves M/s. Adonis Electronics Pvt. Ltd. as the petitioner and M/s. Saka Ltd. as the respondent under Section 9 of the IBC. The Resolution Professional (RP) moved an application under Section 33(2) of the IBC, 2016 seeking the liquidation of the Corporate-debtor Saka Limited. The Corporate-debtor was originally engaged in manufacturing black and white Television Sets but has had no operations for the last seven years. Despite efforts by the RP, no resolution proposal materialized after detailed deliberations at the Committee of Creditors (CoC).

## Facts

M/s. Adonis Electronics Pvt. Ltd. filed a case against M/s. Saka Ltd. under Section 9 of the IBC. The Resolution Professional (RP) applied for the liquidation of M/s. Saka Ltd., the Corporate-debtor, under Section 33(2) of the IBC, 2016. M/s. Saka Ltd. was previously involved in manufacturing black and white television sets but has been inactive for seven years. The Resolution Professional attempted to find a resolution applicant, but no proposals materialized despite discussions with the Committee of Creditors (CoC). The CoC, in its agenda item No. 7 at page No. 21 of the application, resolved with 100% majority to propose liquidation. The BSE issued an intimation to all companies as part of an exchange platform exercise, which was clarified as neither a notice nor a

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## Issues and analysis

### Issue 1: Whether the Non-applicant (BSE) needs to be subjected to any directions based on its intimation to …

**Ratio:** The Tribunal determined that the BSE's intimation was neither a notice nor a proposal for

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**Reasoning:** The Learned Counsel clarified that the BSE's intimation was part of an exchange platform

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**Interpretation:** The interpretation is that general communications from regulatory bodies like

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**Application:** Based on the clarification, the Tribunal concluded that the Non-applicant (BSE)

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## Parties

- **Judges:** P.S.N. P…; V.K. SUB…
- **Appellants:** M/s. Adonis…
- **Respondents:** M/s. Saka…
- **Advocates:** Sanjay Kuma…; Anuj S…; +8 more

## Timeline

- **2021-02-23 — Order Del…**: Order delivered on…
- **2020-09-01 — BSE Intim…**: BSE issued an intimation to all the companies…

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