# In the matter of Sathya Solutions Private Limited IA No.666 of 2023 in CP(IB) No.520-9-HDB-2019

> NCLT judgment dated 2023-05-02. Citation: TCN-2023-NCLT-03534. The case pertains to an application filed by the Liquidator of M/s. Sathya Solutions Private…

- **Court:** NCLT
- **Order date:** 2 May 2023
- **Citation:** TCN-2023-NCLT-03534
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sathya-solutions-private-limited-ia-no666-of-2023-in-cpib-no520-9-hdb-2019-19b72032

## Summary

### Background

The case pertains to an application filed by the Liquidator of M/s. Sathya Solutions Private Limited under Section 54 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the dissolution of the Corporate Debtor, M/s. Sathya Solutions Private Limited. The liquidation process was initiated by the Adjudicating Authority on 23.11.2021, and the applicant was appointed as the liquidator on 24.11.2021. The liquidator made a public announcement on 09.07.2022, inviting claims from stakeholders, with a deadline of 05.08.2022. Claims were received from creditors, and the liquidator filed a detailed list of claims before the Adjudicating Authority on 17.09.2022.

## Facts

The Corporate Debtor, M/s. Sathya Solutions Private Limited, underwent a liquidation process initiated by the Adjudicating Authority on 23.11.2021. The applicant was appointed as the liquidator on 24.11.2021. A public announcement was made on 09.07.2022, inviting claims from stakeholders, with a deadline of 05.08.2022. Claims were received from creditors. The liquidator sent a letter on 27.07.2022 to the suspended directors of the Corporate Debtor, which was returned undelivered. The liquidator visited the office of the Corporate Debtor on 06.08.2022 and found it unavailable. The Corporate Debtor had minimal assets, with a bank balance of Rs.623/-. The liquidator approached ICICI Bank to close the account, but the bank required approval from the directors. Axis Bank

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## Issues and analysis

### Issue 1: Whether the liquidation process of the Corporate Debtor, M/s. Sathya Solutions Private Limited, was …

**Ratio:** The ratio is based on the provisions of the IBC, 2016, particularly Section 54, which

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**Reasoning:** The court reasoned that the liquidator had taken all necessary steps as required under

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**Interpretation:** The interpretation involves understanding the provisions of the IBC, 2016, and

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** TELAPROLU…; SH. CHARAN…
- **Appellants:** Chinna Gu…
- **Respondents:** M/s.Sathya…

## Timeline

- **2021-11-23 — Liquidation Process…**: The Adjudicating Authority initiated the…
- **2021-11-24 — Appointment of…**: The Applicant was appointed as…

## 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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