# In the matter of Santosh Overseas Limited

> NCLT judgment dated 2025-02-19. Citation: TCN-2025-NCLT-00464. The case pertains to an application filed by the liquidator of Santosh Overseas Limited,…

- **Court:** NCLT
- **Order date:** 19 Feb 2025
- **Citation:** TCN-2025-NCLT-00464
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/santosh-overseas-limited-97405ecc

## Summary

### Background

The case pertains to an application filed by the liquidator of Santosh Overseas Limited, seeking the dissolution of the corporate debtor under Section 54 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) following a petition filed by IDBI Bank Limited under Section 7 of the Code. During the CIRP, no resolution plan was received, leading to an order for liquidation. The liquidator was appointed and continued the liquidation process, including asset sales and distributions to stakeholders.

## Facts

Santosh Overseas Limited (Corporate Debtor) was incorporated on 09.04.2007 and was in the business of rice processing. IDBI Bank Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The petition was admitted on 08.02.2019, and CIRP was initiated. No resolution plan was received during CIRP, leading to a liquidation order on 27.09.2019. Rohit Sehgal was appointed as the liquidator. The liquidator made public announcements, constituted a Stakeholders' Consultation Committee (SCC), and conducted multiple e-auctions to liquidate the assets. The liquidator realized Rs. 32,09,98,006/- from the sale of fixed and tangible assets. The

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## Issues and analysis

### Issue 1: Whether the liquidation process was conducted in accordance with the Insolvency and Bankruptcy …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 45 of the

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**Reasoning:** The court examined the various steps taken by the liquidator, including public

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**Interpretation:** The regulations mandate a transparent and efficient liquidation process,

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**Application:** The liquidator's actions, such as conducting e-auctions, forming the SCC, and

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; Sanjeev R…
- **Respondents:** M/s Santosh…

## Timeline

- **2007-04-09 — Incorporation of…**: Santosh Overseas…
- **2018-01-01 — CP IB/948/PB/20…**: CP IB/948/PB/2018 filed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 66 — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66)

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