# In the matter of SAV Industries Private Limited

> NCLT judgment dated 2023-07-10. Citation: TCN-2023-NCLT-02586. The case involves an application under Sections 33 & 34 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 10 Jul 2023
- **Citation:** TCN-2023-NCLT-02586
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sav-industries-private-limited-0c8a3945

## Summary

### Background

The case involves an application under Sections 33 & 34 of the Insolvency and Bankruptcy Code, 2016, for an order of liquidation against the corporate debtor, SAV Industries Private Limited. The application was filed by the Resolution Professional, Mr. Arun Kumar Gupta, under Section 54 of the Insolvency and Bankruptcy Code, 2016, and Regulation 45 of the IBBI (Liquidation Process) Regulations, 2016, for the dissolution of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors (CoC) was constituted, and meetings were held. The Interim Resolution Professional (IRP) made a public

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against SAV Industries Private Limited based on an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Arun Kumar Gupta was appointed as the Resolution Professional (RP). The Interim Resolution Professional (IRP), Mr. Uday Narayan Mitra, made a public announcement and received claims from financial and operational creditors. The Committee of Creditors (CoC) was constituted, and meetings were held. The RP appointed valuers to determine the liquidation and fair value of the corporate debtor. The Financial Creditor (SBI) advised the IRP to engage an agency for asset searching, which reported that no assets were found in the name of the Corporate Debtor. The RP also attempted to

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, SAV Industries Private Limited, …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, provides that where the assets of

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**Reasoning:** The Adjudicating Authority considered the facts on record, including the fact that the

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**Interpretation:** Section 54 of the Insolvency and Bankruptcy Code, 2016, is interpreted to mean

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**Application:** In this case, the assets of SAV Industries Private Limited had been completely

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## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Appellants:** Arun Kumar…
- **Respondents:** SAV Industries…; State Bank of…

## Timeline

- **2023-01-30 — Order allowing application for replacement of…**: Adjudicating Authority allowed the application being IA(IB)No- 3/CB/2023 in…
- **2022-10-25 — CIRP Init…**: CIRP was initiated against the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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