# In the matter of Sasa Musa Sugar Works Private Limited

> NCLT judgment dated 2025-09-04. Citation: TCN-2025-NCLT-01376. The case involves an application (I.A. (IB) No. 1322/KB/2025) filed by the Liquidator of Sasa…

- **Court:** NCLT
- **Order date:** 4 Sept 2025
- **Citation:** TCN-2025-NCLT-01376
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/sasa-musa-sugar-works-private-limited-80f38602

## Summary

### Background

The case involves an application (I.A. (IB) No. 1322/KB/2025) filed by the Liquidator of Sasa Musa Sugar Works Private Limited under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking exclusion of 61 days from the liquidation period.

## Facts

The Liquidator of Sasa Musa Sugar Works Private Limited filed an application seeking exclusion of 61 days from the liquidation period.

The liquidation of the Corporate Debtor commenced on 20.02.2025 by order of the Adjudicating Authority.

The 2nd SCC Meeting (29.03.2025) resolved to attempt a going-concern sale with a reserve price of ₹125 crores.

An e-auction was conducted on 03.05.2025, which failed for want of bids.

The Hon'ble NCLAT permitted the suspended directors to place a Scheme of Compromise/Arrangement under Section 230 of the Companies Act, 2013.

The scheme was placed in the 4th SCC Meeting (26.05.2025) and subsequently rejected by the SCC in the 5th SCC Meeting (09.06.2025).

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## Issues and analysis

### Issue 1: Whether the exclusion of 61 days from 01.05.2025 to 30.06.2025 from the liquidation period is …

**Ratio:** Regulation 47 of the Liquidation Regulations prescribes a model timeline, which is

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**Reasoning:** The period in question was consumed in judicial compliance pursuant to the Hon'ble NCLAT

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**Interpretation:** Regulation 47 is directory and allows for exclusion of time spent on judicial

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**Application:** The Adjudicating Authority applied the principle that delays due to judicial

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## Parties

- **Judges:** BIDISHA BA…; Siddharth…
- **Appellants:** MANISH…
- **Respondents:** Sasa Musa Sugar…
- **Other parties:** Central Bank of…
- **Advocates:** Shreya Cho…; Rashmi B…; +1 more

## Timeline

- **2025-02-20 — Liquidation Com…**: Liquidation of the Corporate Debtor commenced…
- **2025-03-29 — 2nd SCC M…**: The 2nd SCC Meeting resolved to attempt a going-concern sale with a reserve price of ₹125…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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