# In the matter of Saveena Enterprises Private Limited

> NCLT judgment dated 2025-02-06. Citation: TCN-2025-NCLT-00518. The application CP (IB) No. 53/ALD/2023 was filed on 24.07.2023 by the Liquidator under section…

- **Court:** NCLT
- **Order date:** 6 Feb 2025
- **Citation:** TCN-2025-NCLT-00518
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/saveena-enterprises-private-limited-1b571426

## Summary

### Background

The application CP (IB) No. 53/ALD/2023 was filed on 24.07.2023 by the Liquidator under section 59(7) of the Insolvency and Bankruptcy Code, 2016, seeking dissolution of Saveena Enterprises Pvt Limited. The company was incorporated on 29.06.1992. Due to changes in the business environment, the company's operations declined and eventually ceased. The Board members decided to wind up/liquidate the company voluntarily. A special resolution was passed on 14.05.2022 approving the voluntary liquidation, and Mr. Sushil Kumar Gupta was appointed as the liquidator.

## Facts

Saveena Enterprises Private Limited filed an application for voluntary liquidation under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 29.06.1992. The main object of the company was to carry on the business as manufacturers and dealers of textiles and related products. Due to changes in the business environment, the company's operations declined and eventually ceased. The Board members decided to wind up the company. A special resolution was passed on 14.05.2022 approving the voluntary liquidation, and Mr. Sushil Kumar Gupta was appointed as the liquidator. The liquidator issued a public announcement, notified ROC, and prepared a preliminary report. The liquidator opened a bank account, settled claims, distributed surplus

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## Issues and analysis

### Issue 1: Whether the affairs of the Company have been completely wound up and its assets completely …

**Ratio:** Section 59(8) of the Insolvency and Bankruptcy Code, 2016, allows the tribunal to order

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**Reasoning:** The tribunal examined the application, documents, and submissions made by the Liquidator

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**Interpretation:** Section 59(8) provides the legal basis for the tribunal to order the

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**Application:** The tribunal applied Section 59(8) to the facts of the case, finding that the

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## Parties

- **Judges:** Praveen…; Ashish…
- **Respondents:** Saveena Enterprise…

## Timeline

- **1992-06-29 — Company Incor…**: Saveena Enterprises Private…
- **2022-04-18 — Board Me…**: Board members decided to wind…

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