# In the matter of Sacos Indigo Private Limited

> NCLT judgment dated 2023-11-29. Citation: TCN-2023-NCLT-00523. The case pertains to an application filed by the Liquidator, Mr. Santanu T Ray, under Section…

- **Court:** NCLT
- **Order date:** 29 Nov 2023
- **Citation:** TCN-2023-NCLT-00523
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sacos-indigo-private-limited-4ba6153d

## Summary

### Background

The case pertains to an application filed by the Liquidator, Mr. Santanu T Ray, under Section 54 of the Insolvency and Bankruptcy Code, 2016 (IBC) for the dissolution of Sacos Indigo Private Limited, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 9 of the IBC by Fairdeal International, an Operational Creditor, which was admitted on May 26, 2020. Mr. Ray was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. Despite inviting resolution plans, only one non-compliant plan was received, leading to the Committee of Creditors (COC) deciding to liquidate the Corporate Debtor on January 22, 2021. Liquidation proceedings were initiated on January 28,

…

## Facts

Fairdeal International, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Sacos Indigo Private Limited by filing an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on May 26, 2020. Santanu T Ray was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Despite inviting resolution plans, only one non-compliant plan was received from Nanofil Technologies Private Limited. The Committee of Creditors (COC) decided to liquidate the Corporate Debtor on January 22, 2021, with a voting share of 91.30%. Santanu T Ray was appointed as the Liquidator. Liquidation proceedings were initiated on January 28, 2022. The Liquidator

…

## Issues and analysis

### Issue 1: Whether the liquidation process of the Corporate Debtor, Sacos Indigo Private Limited, has been …

**Ratio:** The ratio is based on Regulation 44 of the Insolvency and Bankruptcy Board of India

…

**Reasoning:** The Tribunal reasoned that the liquidation process had been completed within the

…

**Interpretation:** The interpretation involves understanding the timelines and procedures

…

**Application:** In this case, the Liquidator had taken custody of the assets, formed a

…

## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** Santanu T…
- **Respondents:** Sacos Indigo…; Fairdeal Internati…

## Timeline

- **2020-05-26 — CIRP Init…**: Application under Section 9 of IBC by…
- **2020-05-01 — Appointment…**: Mr. Santanu T Ray appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52(1) — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sacos-indigo-private-limited-4ba6153d