# In the matter of SWE Fashions Private Limited

> NCLT judgment dated 2023-09-15. Citation: TCN-2023-NCLT-01599. The case pertains to an application filed by the Liquidator of SWE Fashions Private Limited,…

- **Court:** NCLT
- **Order date:** 15 Sept 2023
- **Citation:** TCN-2023-NCLT-01599
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/swe-fashions-private-limited-1b1e48e8

## Summary

### Background

The case pertains to 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 IRP was later confirmed as the Resolution Professional (RP) on 06.08.2021. Subsequently, the Committee of Creditors (CoC) approved the initiation of liquidation on 09.12.2021, and the RP was approved as the Liquidator on 08.03.2022.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of SWE Fashions Private Limited was initiated on 23.03.2021. Shri Venkata Subbarao Kalva was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) approved the initiation of liquidation on 09.12.2021, with 98.80% of the voting share. The RP was approved as Liquidator on 08.03.2022. The Liquidator made a public announcement on 22.03.2022. Claims were received from various creditors amounting to Rs.56,70,52,510/-, and the Liquidator admitted claims of Rs.45,06,94,032/-. A Stakeholders Consultation Committee was constituted on 18.05.2022. The State Bank of India, as a secured financial creditor, disposed of assets under the SARFESAI

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## Issues and analysis

### Issue 1: Whether the Liquidator has complied with the necessary conditions and procedural requirements under …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, read with the relevant IBBI

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**Reasoning:** The Adjudicating Authority perused the details provided by the Liquidator and found that

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**Interpretation:** Section 54 of the IBC mandates that the Liquidator must adhere to specific

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**Application:** In this case, the Liquidator demonstrated compliance with Section 54 and the

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## Parties

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

## Timeline

- **2021-03-23 — CIRP Init…**: 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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