# In the matter of Swash Convergence Technologies Limited

> NCLT judgment dated 2024-06-03. Citation: TCN-2024-NCLT-01259. The case pertains to a matter before the National Company Law Tribunal (NCLT), New Delhi,…

- **Court:** NCLT
- **Order date:** 3 Jun 2024
- **Citation:** TCN-2024-NCLT-01259
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/swash-convergence-technologies-limited-88f57204

## Summary

### Background

The case pertains to a matter before the National Company Law Tribunal (NCLT), New Delhi, Principal Bench, regarding Embee Software Private Limited as the applicant/petitioner and Swash Convergence Technologies Limited as the respondent. The order is under Section 433(e)/433(f) of the Companies Act, 1956. The case involves the winding up of companies transferred to the Tribunal under Section 433(1) of the Companies Act, 2013, to be considered as an application for initiation of CIRP under the Insolvency and Bankruptcy Code (IBC), 2016.

## Facts

Embee Software Private Limited is the applicant/petitioner in a case against Swash Convergence Technologies Limited, the respondent. The case is before the National Company Law Tribunal (NCLT), New Delhi, Principal Bench. The order is under Section 433(e)/433(f) of the Companies Act, 1956, concerning the winding up of companies transferred to the Tribunal under Section 433(1) of the Companies Act, 2013. The Tribunal has directed IBBI to make relevant provisions in CIRP regulations to deal with such cases, considering them as applications for CIRP initiation under IBC, 2016. The applicant's counsel, Mr. Lzafeer Ahmad B F, appeared through VC and stated that he is an Operational Creditor and undertakes to file Form – 5 as prescribed under Rule 6 of The Insolvency &

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## Issues and analysis

### Issue 1: Whether the IBBI should make relevant provisions in the CIRP regulations to deal with cases …

**Ratio:** The Tribunal deems it appropriate to ask IBBI to make a relevant provision in the CIRP

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**Reasoning:** The reasoning is based on the need to deal with cases pertaining to the winding up of

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**Interpretation:** This implies that the Tribunal recognizes a gap in the existing CIRP

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**Application:** The Tribunal's direction to IBBI applies to all cases pertaining to the winding

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** Embee Software…
- **Respondents:** Swash Convergence…

## Timeline

- **2024-06-03 — Order Del…**: Order delivered by the…
- **2024-07-31 — Physical H…**: Matter listed for a…

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