# In the matter of SOVA STORES & SPARES PRIVATE LIMITED

> NCLT judgment dated 2026-03-24. Citation: TCN-2026-NCLT-00263. An application was filed under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking…

- **Court:** NCLT
- **Order date:** 24 Mar 2026
- **Citation:** TCN-2026-NCLT-00263
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/sova-stores-spares-private-limited-6399b7b6

## Summary

### Background

An application was filed under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, Sova Stores & Spares Private Limited.

## Facts

The application was filed under Section 33 of the Insolvency and Bankruptcy Code, 2016.

Corporate Insolvency Resolution Process (CIRP) was initiated on 29th April, 2025.

The Applicant made a Public Announcement in Form-A on 6th May, 2025.

Form G was published on 28th June, 2025 and 24th July, 2025, but no Expression of Interest (EOI) was received.

The 6th CoC meeting was held on 16th October, 2025.

The CIRP period of 180 days was due to expire on 26th October, 2025.

The CoC unanimously resolved to go for liquidation of the Corporate Debtor.

The CoC proposed the name of Narayan Agarwal as the Liquidator.

Two Interlocutory Applications were filed under Section 19(2) of the Insolvency and Bankruptcy Code, 2016, seeking cooperation from the suspended management and IndusInd Bank.

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of …

**Ratio:** Section 33(2) of the

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**Reasoning:** The CoC concluded that continuation of the CIRP would serve no meaningful purpose, and

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**Interpretation:** The Tribunal interpreted Section 33(2) to allow for liquidation when no

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**Application:** The Tribunal applied Section 33(2) and

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## Parties

- **Judges:** BIDISHA BA…; Siddharth…
- **Appellants:** Bisco Metal &…; Tripti Ag…
- **Respondents:** Sova Stores &…
- **Other parties:** Mukesh Bh…; Sheikh Shamsher…; +1 more
- **Advocates:** Riyanshu A…; Dripto Ma…; +2 more

## Timeline

- **2025-04-29 — Initiation…**: Corporate Insolvency Resolution Process (CIRP)…
- **2025-05-06 — Public Annou…**: The applicant made Public…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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