# In the matter of SWE Fashions Private Limited

> NCLT judgment dated 2023-09-15. Citation: TCN-2023-NCLT-01589. The case involves an application filed by the Liquidator of SWE Fashions Private Limited,…

- **Court:** NCLT
- **Order date:** 15 Sept 2023
- **Citation:** TCN-2023-NCLT-01589
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/swe-fashions-private-limited-18cc969d

## Summary

### Background

The case involves an application filed by the Liquidator of SWE Fashions Private Limited, seeking the dissolution of the Corporate Debtor under Section 54 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 45 (3) (B) of the IBBI (Liquidation Process) Regulation 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated on 23.03.2021, and the applicant, Shri Venkata Subbarao Kalva, was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) approved the initiation of liquidation on 09.12.2021, and the applicant was approved as the Liquidator on 08.03.2022. The liquidator made public announcements, received claims from creditors, and constituted a Stakeholder's Consultation Committee. The liquidator also

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## Facts

On 03.03.2023, Shri Venkata Subbarao Kalva, the Liquidator of SWE Fashions Private Limited, filed an application under Section 54 read with Section 60 (5) of the I&B Code, 2016, and Regulation 45 (3) (B) of the IBBI (Liquidation Process) Regulation 2016, seeking the dissolution of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated on 23.03.2021, and Shri Venkata Subbarao Kalva was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) approved the initiation of liquidation on 09.12.2021. The applicant was approved as the Liquidator on 08.03.2022. The Liquidator made a public announcement on 22.03.2022 in two newspapers. The Liquidator received claims from Secured and Unsecured Creditors,

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## Issues and analysis

### Issue 1: Whether the Liquidator has complied with all the conditions and procedural requirements as …

**Ratio:** Section 54 of the Insolvency & Bankruptcy Code, 2016, along with the relevant IBBI

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**Reasoning:** The Adjudicating Authority perused the details narrated and found that the Liquidator had

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**Interpretation:** The interpretation of Section 54 and the IBBI Regulations involves ensuring

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**Application:** In this case, the Liquidator had initiated the CIRP, made public announcements,

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## Parties

- **Judges:** T. Krishn…; Manoj Kumar…
- **Appellants:** Venkata Subbarao…
- **Respondents:** SWE Fashions…

## Timeline

- **2021-03-23 — Initiation…**: Corporate Insolvency Resolution Process…
- **2021-03-23 — Appointment…**: Shri Venkata Subbarao Kalva appointed as…

## 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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