# In the matter of Sainov Spirits Private Limited

> NCLT judgment dated 2023-12-01. Citation: TCN-2023-NCLT-00485. The application was filed by the liquidator, Ashok Kumar Gupta, seeking directions for…

- **Court:** NCLT
- **Order date:** 1 Dec 2023
- **Citation:** TCN-2023-NCLT-00485
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sainov-spirits-private-limited-77521bc7

## Summary

### Background

The application was filed by the liquidator, Ashok Kumar Gupta, seeking directions for convening meetings of shareholders and creditors to approve a scheme of arrangement for Sainov Spirits Private Limited, which is under liquidation. The Corporate Insolvency Resolution Process (CIRP) was initiated, and subsequently, a liquidation order was passed. The liquidator issued an invitation for proposals for a scheme of compromise or arrangement under Section 230 of the Companies Act, 2013. A proposal was received from Mr. Sanjay Lamba, an ex-director of the Corporate Debtor.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Sainov Spirits Private Limited was initiated, and Mr. Pawan Trivedi was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Ashok Kumar Gupta was appointed as the Resolution Professional (RP) and later as the liquidator. The CoC approved a resolution to liquidate the Corporate Debtor. The liquidator filed an application seeking directions for convening meetings of shareholders and creditors to approve a scheme of arrangement under Section 230 of the Companies Act, 2013. The liquidator received a proposal from Mr. Sanjay Lamba, an ex-director of the Corporate Debtor. The liquidator held a meeting of the Stakeholders Consultation Committee (SCC). The liquidator issued an invitation for proposals

…

## Issues and analysis

### Issue 1: Whether the liquidator should be directed to convene meetings of equity shareholders, secured …

**Ratio:** The court has the power to direct the liquidator to convene meetings of stakeholders to

…

**Reasoning:** The court considered the submissions of the applicant and the documents filed, and

…

**Interpretation:** Section 230 of the Companies Act, 2013, provides a mechanism for companies to

…

**Application:** The court applied the ratio to the specific facts of the case, where the

…

## Parties

- **Judges:** MAHENDRA KHANDELWA…; Sanjeev R…
- **Appellants:** Ashok Kumar Gupta…
- **Respondents:** Sainov Spirits…; Sh. Sanjay…

## Timeline

- **2020-02-05 — CIRP Commen…**: Corporate Insolvency Resolution Process of…
- **2021-03-24 — Appointment…**: COC decided to appoint Mr. Ashok Kumar…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 230 — Delegation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-230)

---

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/sainov-spirits-private-limited-77521bc7