# In the matter of SAV Industries Private Limited

> NCLT judgment dated 2023-07-10. Citation: TCN-2023-NCLT-02594. The case pertains to an application filed under Section 54 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 10 Jul 2023
- **Citation:** TCN-2023-NCLT-02594
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sav-industries-private-limited-6bacb86b

## Summary

### Background

The case pertains to an application filed under Section 54 of the Insolvency and Bankruptcy Code, 2016, and Regulation 45 of the IBBI (Liquidation Process) Regulations, 2016, for the dissolution of SAV Industries Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 7 of the IBC, 2016. An Interim Resolution Professional (IRP) was appointed, and a Committee of Creditors (CoC) was constituted. The IRP made public announcements and received claims from financial and operational creditors. The RP appointed valuers to determine the liquidation and fair value of the corporate debtor. However, the valuers concluded that the Securities & Financial Assets (SFA) were valued at NIL. The Financial Creditor

…

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against SAV Industries Private Limited following an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Arun Kumar Gupta was appointed as the Resolution Professional (RP). The Interim Resolution Professional (IRP), Mr. Uday Narayan Mitra, made public announcements and received claims from creditors. The Committee of Creditors (CoC) was constituted on March 12, 2020. The RP appointed valuers to determine the liquidation and fair value of the corporate debtor's assets. However, the valuers concluded that the Securities & Financial Assets (SFA) were valued at NIL. The Financial Creditor (SBI) advised the IRP to engage SLO Technologies private Limited (ADVRISK) for asset

…

## Issues and analysis

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

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

…

**Reasoning:** The Adjudicating Authority considered the facts on record, including the absence of

…

**Interpretation:** Section 54 of the IBC, 2016, is interpreted to mean that if a corporate debtor

…

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

…

## Parties

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

## Timeline

- **2022-10-25 — CIRP Init…**: CIRP was initiated against the Corporate…
- **2022-10-28 — Public Announcement by…**: The IRP, Mr. Uday Narayan Mitra, made a…

---

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/sav-industries-private-limited-6bacb86b