# In the matter of Sai Krishnodaya Industries Private Limited

> NCLT judgment dated 2024-09-10. Citation: TCN-2024-NCLT-00627. The application was filed by the Liquidator of the Corporate Debtor (CD), M/s Sai Krishnodaya…

- **Court:** NCLT
- **Order date:** 10 Sept 2024
- **Citation:** TCN-2024-NCLT-00627
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sai-krishnodaya-industries-private-limited-8b5571f4

## Summary

### Background

The application was filed by the Liquidator of the Corporate Debtor (CD), M/s Sai Krishnodaya Industries (P) Limited, under Section 54(1) of the Insolvency & Bankruptcy Code, 2016, read with Regulation 45(3) of the Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations 2016, seeking dissolution of the CD. The CD was admitted into CIRP on 2019-10-17, and Mr. Arun Kumar Malani was appointed as Interim Resolution Professional (IRP), later continuing as Resolution Professional (RP). As no resolution plan was received during the CIRP period, an application for liquidation was filed and allowed on 2023-04-24, appointing Mr. Anil Kumar K as Liquidator. The Liquidator made a public announcement on 2023-05-18, inviting claims from stakeholders.

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## Facts

M/s Sai Krishnodaya Industries (P) Limited was admitted into CIRP on 2019-10-17. Mr. Arun Kumar Malani was appointed as the Interim Resolution Professional (IRP) and later continued as the Resolution Professional (RP). No resolution plan was received during the CIRP period, leading to an application for liquidation. On 2023-04-24, Mr. Anil Kumar K was appointed as the Liquidator. A public announcement was made on 2023-05-18, inviting claims from stakeholders. Sarwottam Ispat Limited, being the sole member, responded and formed the CoC, which later became the Stakeholders Consultation Committee (SCC). The assets worth Rs 3,43,103 acquired for a project in Arunachal Pradesh were written off. Caution deposits of Rs 3.09 crores for government projects were deemed

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## Issues and analysis

### Issue 1: Whether the assets of the corporate debtor have been completely liquidated as required under …

**Ratio:** Section 54(1) of the IBC states that where the assets of the corporate debtor have been

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**Reasoning:** The court perused the contents of the application and was satisfied that the assets of

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**Interpretation:** Section 54(1) of the IBC sets the condition that all assets must be liquidated

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**Application:** In this case, the court determined that the assets of M/s Sai Krishnodaya

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Respondents:** Sai Krishnodaya…; Saikrishnodaya…

## Timeline

- **2019-10-17 — Admission in…**: M/s Sai Krishnodaya Industries (P) Limited was admitted into Corporate Insolvency…
- **2019-10-17 — Appointment…**: Mr. Arun Kumar Malani was appointed as the…

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