# In the matter of SGP Software Solutions Pvt. Ltd. I.A. No. 14-2021 in C.P. (IB)137-BB-2018

> NCLT judgment dated 2021-02-01. Citation: TCN-2021-NCLT-03181. The case involves an application (I.A.No.14/2021) filed in C.P.(IB)No.137/BB/2018 under Section…

- **Court:** NCLT
- **Order date:** 1 Feb 2021
- **Citation:** TCN-2021-NCLT-03181
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sgp-software-solutions-pvt-ltd-ia-no-14-2021-in-cp-ib137-bb-2018-2fdb0ced

## Summary

### Background

The case involves an application (I.A.No.14/2021) filed in C.P.(IB)No.137/BB/2018 under Section 54 R/w Section 60(5) of the IBC, 2016 & Regulation 45 (3) (B) of the IBBI (Liquidation Process) Regulations, 2016 and U/s.9 of IBC, 2016 R/w Rule 6 of I&B (AAA) Rules, 2016, seeking the dissolution of the Corporate Debtor, M/s. SGP Software Solutions Pvt. Ltd. The corporate insolvency resolution process (CIRP) was initiated following a petition filed by Mr. Joji Thomas under Section 9 of the IBC. The Adjudicating Authority admitted the petition and appointed an Interim Resolution Professional (IRP), who was later appointed as the Resolution Professional. As no resolution plan was received, the Committee of Creditors (CoC) approved the initiation of liquidation. The

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## Facts

Mr. Joji Thomas filed a Company Petition (C.P.(IB)No.137/BB/2018) under Section 9 of the IBC, 2016, to initiate CIRP against M/s. SGP Software Solutions Private Limited. The Adjudicating Authority admitted the petition on 2019-09-24 and appointed an IRP. The IRP was later appointed as the Resolution Professional after the first meeting of the CoC on 2019-11-06. The CoC approved the initiation of liquidation on 2020-06-19 as no resolution plan was received. The Resolution Professional filed I.A.No.255/2020, which was disposed of by the Adjudicating Authority on 2020-08-26. The Liquidator made a public announcement regarding the liquidation, inviting stakeholders to submit their claims by 2020-09-25. The Corporate Debtor had a sole asset, software worth Rs.21,372/-,

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## Issues and analysis

### Issue 1: Whether the assets of the Corporate Debtor have been completely liquidated, justifying its …

**Ratio:** Section 54 of the IBC stipulates that where the assets of the Corporate Debtor have been

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**Reasoning:** The court considered the liquidator's report, which stated that all assets of the

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**Interpretation:** Section 54 provides the mechanism for dissolving a corporate debtor after its

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**Application:** In this case, the liquidator's report confirmed that all assets of M/s. SGP

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** Motappa Thimmaraya…
- **Respondents:** SGP Software…

## Timeline

- **2018-01-01 — Filing of Company…**: Mr. Joji Thomas filed C.P.(IB)No.137/BB/2018 under Section 9 of the IBC to initiate CIRP…
- **2019-09-24 — Admission of…**: The Adjudicating Authority admitted…

## 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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