# In the matter of SPG Multi Trade Private Limited

> NCLT judgment dated 2025-05-06. Citation: TCN-2025-NCLT-00112. The case involves an application for the dissolution of SPG Multi Trade Private Limited, the…

- **Court:** NCLT
- **Order date:** 6 May 2025
- **Citation:** TCN-2025-NCLT-00112
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/spg-multi-trade-private-limited-afd44c7c

## Summary

### Background

The case involves an application for the dissolution of SPG Multi Trade Private Limited, the Corporate Debtor, under Section 54(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated by Esszee Manufacturing Private Limited, an Operational Creditor, under Section 9 of the Code. Liquidation process was approved on 04.12.2020, and the Applicant, Modilal Dhanraj Pamecha, was appointed as the Liquidator. The liquidator sought exclusion of 145 days from the liquidation process due to a pending application for avoidance of fraudulent transactions. The stakeholder committee did not approve the issuance of a fresh Expression of Interest (EoI) for the assignment or transfer of the Corporate Debtor's assets. SFIO is

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## Facts

Esszee Manufacturing Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against SPG Multi Trade Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code (IBC). The liquidation process was approved on 04.12.2020, and Modilal Dhanraj Pamecha was appointed as the Liquidator. The liquidator filed an application under Section 66 of the IBC for Rs. 364,59,98,438/- categorized as Not Readily Realisable Assets (NRRA). The liquidator sought an exclusion of 145 days due to a pending application for avoidance of fraudulent transactions, which was granted. The stakeholder committee did not approve the issuance of a fresh Expression of Interest (EoI) for the assignment or transfer of the Corporate Debtor's assets. The GST

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, SPG Multi Trade Private Limited, should be dissolved under Section 54 …

**Ratio:** Section 54(1) of the Insolvency and Bankruptcy Code, 2016 states that where the assets of

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**Reasoning:** The Tribunal considered that nothing remains in the Corporate Debtor and the liquidation

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**Interpretation:** Section 54(1) mandates the dissolution of a corporate debtor once its assets

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**Application:** Since the Corporate Debtor's assets have been completely liquidated, the

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## Parties

- **Judges:** Prabhat…; V.G. B…
- **Appellants:** Modilal Dhanraj…
- **Respondents:** SPG Multi Trade…; IDBI Bank L…

## Timeline

- **2019-01-01 — CP (IB) No. 341…**: Original application…
- **2020-12-04 — Liquidation…**: Liquidation process against the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54(1) — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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