The National Company Law Tribunal, Ahmedabad (NCLT) on 7 October, ordered the dissolution of Siddhi Vinayak Logistic Limited after the completion of its liquidation process, holding that pending legal proceedings covered by the amended Insolvency and Bankruptcy Code (IBC) did not bar dissolution.
A Bench comprising Judicial Member Shammi Khan and Technical Member Sanjeev Sharma allowed an application filed by Dushyant C. Dave, the compaby’s Liquidator, under Section 54 of the IBC. It held:
“The pendency of a proceeding falling within Sections 54(1A) or 54(1B) does not, by itself, prevent dissolution where the statutory mechanism for its continuation has been addressed.”
The corporate insolvency resolution process (CIRP) against…