# In the matter of Sacos Indigo Private Limited

> NCLT judgment dated 2023-11-29. Citation: TCN-2023-NCLT-00530. The case pertains to the dissolution of Sacos Indigo Private Limited under Section 54 of the…

- **Court:** NCLT
- **Order date:** 29 Nov 2023
- **Citation:** TCN-2023-NCLT-00530
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sacos-indigo-private-limited-c76a9c25

## Summary

### Background

The case pertains to the dissolution of Sacos Indigo Private Limited under Section 54 of the Insolvency and Bankruptcy Code, 2016. An application was initially filed under Section 9 of the IBC by Fairdeal International, an operational creditor, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). Mr. Santanu T 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. Consequently, the Committee of Creditors (COC) decided to liquidate the Corporate Debtor, and Mr. Ray was appointed as the Liquidator.

## Facts

Fairdeal International, an operational creditor, initiated proceedings against Sacos Indigo Private Limited under Section 9 of the IBC, leading to the commencement of CIRP on 2020-05-26. Mr. Santanu T 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. The COC decided to liquidate the Corporate Debtor, and Mr. Ray was appointed as the Liquidator. The liquidator made public announcements and conducted e-auctions to sell the Corporate Debtor's assets, which included land, building, plant, and machinery. The assets were successfully sold during the second e-auction on 2022-09-16 to Innoweave Global Packaging Solutions for Rs. 14,00,00,000.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Sacos Indigo Private Limited, should be dissolved under Section 54 of …

**Ratio:** Section 54(1) of the Insolvency and Bankruptcy Code, 2016, states that where the assets

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**Reasoning:** The Tribunal reasons that the assets of Sacos Indigo Private Limited have been completely

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**Interpretation:** Section 54 of the IBC provides the legal basis for dissolving a corporate

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**Application:** The Tribunal applies Section 54 of the IBC to the facts of the case, noting

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## Parties

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

## Timeline

- **2020-05-26 — CIRP Init…**: The Tribunal admitted the petition under section 9 of the IBC filed by Fairdeal…
- **2020-05-26 — Appointment…**: Mr. Santanu T Ray was appointed as an Interim Resolution Professional of the Corporate…

## 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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