# In the matter of DJ Freight Private Limited

> NCLT judgment dated 2022-04-28. Citation: TCN-2022-NCLT-04888. The application was filed by M/s DJ Freight Private Limited through its liquidator, Mr. Manish…

- **Court:** NCLT
- **Order date:** 28 Apr 2022
- **Citation:** TCN-2022-NCLT-04888
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/dj-freight-private-limited-a06e5664

## Summary

### Background

The application was filed by M/s DJ Freight Private Limited through its liquidator, Mr. Manish S. Buchasia, for the dissolution of the Corporate Person through voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016.

## Facts

The application was filed under Section 59 of the Insolvency and Bankruptcy Code, 2016 for voluntary liquidation.

M/s DJ Freight Private Limited decided to voluntarily liquidate due to non-availability of business prospects and lack of financial resources.

The company's directors, Mr. Jayshree Arunkumar Thakkar and Mr. Dharmesh Vithaldas Kothari, declared they had made full enquiry into the affairs of the Company.

Mr. Manish S. Buchasia was appointed as the Liquidator.

The Liquidator made a public announcement inviting claims from stakeholders.

The Liquidator submitted a final report stating that all assets had been disposed of, and there were no creditors/debtors.

The Liquidator maintained a current account for the purpose of liquidation.

…

## Issues and analysis

### Issue 1: Whether the voluntary liquidation process initiated by M/s DJ Freight Private Limited under Section …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016 read with Regulation 38(3) of the

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**Reasoning:** The Liquidator followed the prescribed procedures, including making public announcements,

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**Interpretation:** The Tribunal interpreted Section 59 and the relevant regulations to mean that

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**Application:** The Tribunal applied the provisions of Section 59 and the regulations to the

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## Parties

- **Judges:** DEEPTI M…; Ajai Das Me…
- **Appellants:** Manish S Bu…
- **Respondents:** M/s DJ Freight…
- **Other parties:** Jayshree Arunkumar…; Dharmesh Vithaldas…

## Timeline

- **2012-11-20 — Incorpor…**: The Company was incorporated…
- **2021-03-01 — Board Reso…**: The Directors (BOD) in their board meeting…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59 — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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