# In the matter of Servomax India Private Limited IA No. 191-2019 & IA (IBC) 369-2022 in CP(IB) No.265-9-HDB-2017

> NCLT judgment dated 2023-05-31. Citation: TCN-2023-NCLT-03122. The case involves IA No. 191/2019 and IA (IBC) 369/2022 in CP(IB) No.265/9/HDB/2017, filed…

- **Court:** NCLT
- **Order date:** 31 May 2023
- **Citation:** TCN-2023-NCLT-03122
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/servomax-india-private-limited-ia-no-191-2019-ia-ibc-369-2022-in-cpib-no265-9-hd-15c9d60a

## Summary

### Background

The case involves IA No. 191/2019 and IA (IBC) 369/2022 in CP(IB) No.265/9/HDB/2017, filed under Section 9 of the IBC, 2016. IA 191/2019 was dismissed due to the applicant's absence. IA No. 369/2022 was filed for the closure of the liquidation process of the Corporate Debtor, Servomax India Private Limited.

## Facts

Murali Krishna Power Controls Pvt Ltd is the Operational Creditor. Servomax India Private Limited is the Corporate Debtor. IA No. 191/2019 was dismissed due to the applicant's absence. IA No. 369/2022 was filed for the closure of the liquidation process, arguing that the Corporate Debtor had been sold as a going concern and the Auction Purchaser had taken possession. The Liquidator's counsel confirmed that the Liquidator's fees and expenses had been paid. The court found that the liquidation process could be closed based on the final report and the fact that the Corporate Debtor was sold as a going concern.

## Issues and analysis

### Issue 1: Whether the liquidation process of the …

**Ratio:** The liquidation process can be closed when the Corporate Debtor has been sold as a going

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**Reasoning:** The court reasoned that based on the final report and the submissions of the Liquidator's

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**Interpretation:** This interpretation aligns with the objective of the IBC to facilitate the

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**Application:** The court applied this ratio to the facts of the case, noting that the

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Murali Krishna…
- **Respondents:** Servomax India…

## Timeline

- **2023-05-25 — Hearing…**: Hearing held on…
- **N/A — Order for C…**: Order for closure of the Liquidation proceedings against the Corporate Debtor viz M/s…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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