# In the matter of SBJ Exports & MFG Private Limited

> NCLT judgment dated 2022-03-23. Citation: TCN-2022-NCLT-03594. The case pertains to an application IA-10/2022 filed by Mr. Chanchal Dua, the liquidator, for…

- **Court:** NCLT
- **Order date:** 23 Mar 2022
- **Citation:** TCN-2022-NCLT-03594
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sbj-exports-mfg-private-limited-09cc11f7

## Summary

### Background

The case pertains to an application IA-10/2022 filed by Mr. Chanchal Dua, the liquidator, for the Corporate Debtor, SBJ Exports & Mfg Pvt Ltd. The initial Company Petition (IB) No. 659/2016 was filed by the Operational Creditor, BCC Fuba India Ltd, for winding up the Corporate Debtor under the Companies Act, 1956. The matter was later transferred to the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Resolution Process was initiated on 16.08.2017, and an Interim Resolution Professional was appointed. The Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor, leading to the appointment of the applicant as the Liquidator on 16.11.2018. The liquidation process involved public announcements,

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## Facts

BCC Fuba India Ltd initiated Corporate Insolvency Resolution Process (CIRP) against SBJ Exports & Mfg Pvt. Ltd. under Section 54 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Chanchal Dua was appointed as the liquidator. The Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor. The liquidator conducted multiple e-auctions to sell the assets of the Corporate Debtor, but initial attempts failed to attract bidders. The liquidator appointed valuers to ascertain the realizable value of the assets. The liquidator received claims from financial creditors (Axis Bank and Punjab National Bank) and an operational creditor (Deputy Commissioner of Income Tax). The liquidator distributed the sale proceeds to the creditors after adjusting CIRP and

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, SBJ Exports & Mfg. Pvt. Ltd., …

**Ratio:** Section 54(2) of the IBC, 2016, empowers the Adjudicating Authority to order the

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**Reasoning:** The tribunal considered the application and the records placed on file, noting that the

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**Interpretation:** Section 54(2) of the IBC, 2016, provides the legal basis for the dissolution of

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**Application:** In this case, the tribunal found that the liquidation process had been

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## Parties

- **Judges:** Ramalingam…; HEMANT KUMAR…
- **Appellants:** BCC Fuba In…
- **Respondents:** SBJ Exports &…

## Timeline

- **2016-01-01 — Initial F…**: CP (IB)-659/2016 filed by BCC Fuba India…
- **2017-08-16 — Initiation…**: Tribunal initiated the Corporate Resolution Process and appointed the Interim Resolution…

## 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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