# In the matter of Sarnamoy Plastic Sack Manufacturing Private Limited IA(IBC)631(KB)2022
In CP(IB)-207(KB)2019

> NCLT judgment dated 2023-04-28. Citation: TCN-2023-NCLT-03556. The case involves an application under section 54(1) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 28 Apr 2023
- **Citation:** TCN-2023-NCLT-03556
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sarnamoy-plastic-sack-manufacturing-private-limited-iaibc631kb2022-in-cpib-207kb-644ef6be

## Summary

### Background

The case involves an application under section 54(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 45 of the IBBI (Liquidation Process) Regulations, 2016, filed by the Liquidator of Sarnamoy Plastic Sack Manufacturing Private Limited, seeking dissolution of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by Punjab National Bank under section 7 of the Code. The Adjudicating Authority ordered liquidation of the Corporate Debtor and appointed Mr. Sanjeev Jhunjhunwala as the Liquidator.

## Facts

Sarnamoy Plastic Sack Manufacturing Private Limited (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP) initiated by Punjab National Bank (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Sanjeev Jhunjhunwala was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Subsequently, the Adjudicating Authority ordered liquidation of the Corporate Debtor, re-appointing Mr. Sanjeev Jhunjhunwala as the Liquidator. The Liquidator made a public announcement inviting proof of claims from stakeholders. The Liquidator constituted a Stakeholders Consultation Committee and submitted a list of stakeholders. The Liquidator conducted multiple auctions to liquidate the assets of

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, Sarnamoy Plastic Sack …

**Ratio:** Section 54(1) of the Insolvency and Bankruptcy Code, 2016, allows for the dissolution of

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**Reasoning:** The Adjudicating Authority considered the reports and documents submitted by the

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**Interpretation:** Section 54(1) provides the legal basis for dissolving a corporate debtor once

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**Application:** In this case, the Liquidator provided sufficient evidence that the assets of

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## Parties

- **Judges:** Rohit K…; Balraj…; +1 more
- **Respondents:** Sarnamoy Plastic…

## Timeline

- **2019-01-01 — CP(IB)/207(K…**: Filing of CP(IB)/207(KB)…
- **2019-08-20 — First meeting…**: First meeting of the CoC held, wherein resolution was passed to appoint the IRP as the…

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