# In the matter of Sav Steels Pvt. Ltd.

> Read the full IBC case summary for In the matter of Sav Steels Pvt. Ltd.. NCLT judgment dated 2025-10-16. Citation: TCN-2025-NCLT-01625.

- **Court:** NCLT
- **Order date:** 16 Oct 2025
- **Citation:** TCN-2025-NCLT-01625
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sav-steels-pvt-ltd-b44539dd

## Summary

### Background

The case involves an application for the closure of the liquidation process and dissolution of the corporate debtor, Sav Steels Private Limited, due to the absence of realizable assets and non-cooperation from its suspended Board of Directors.

## Facts

State Bank of India, as a financial creditor, initiated the Corporate Insolvency Resolution Process (CIRP) against Sav Steels Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The NCLT, Kolkata Bench, admitted the application on October 28, 2022, and appointed Mr. Uday Narayan Mitra as the Interim Resolution Professional. Subsequently, on May 2, 2023, Mr. Sanjay Kumar Gupta was appointed as the Resolution Professional.

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## Issues and analysis

### Issue 1: Whether the corporate debtor, Sav Steels Private Limited, should be dissolved under Section 54 of…

**Ratio:** A corporate debtor can be dissolved under Section 54 of the IBC, 2016, and Regulation…

**Reasoning:** The Liquidator made diligent efforts to trace and verify assets, but no realizable assets…

**Interpretation:** The court interpreted Section 54 and Regulation 45(3)(b) to mean that…

**Application:** Given the Liquidator's persistent efforts, the non-cooperation of the…

## Parties

- **Judges:** Labh S…; Rekha Kantilal…
- **Advocates:** Meenakshi…; Sourojit Da…; +1 more

## Timeline

- **October 28, 2022 — CIRP Admi…**: NCLT, Kolkata Bench, admitted the application for Corporate Insolvency Resolution Process…
- **May 2, 2023 — RP Appoin…**: Mr. Sanjay Kumar Gupta was appointed as the Resolution Professional (RP) of the Corporate…

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