# In the matter of Accord Financial Consultancy Limited

> NCLT judgment dated 2019-09-05. Citation: TCN-2019-NCLT-01545. The case pertains to CP (IB) 1707(ND)2019 filed by the Applicant/Liquidator under Section 59 of…

- **Court:** NCLT
- **Order date:** 5 Sept 2019
- **Citation:** TCN-2019-NCLT-01545
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/accord-financial-consultancy-limited-c056ba10

## Summary

### Background

The case pertains to CP (IB) 1707(ND)2019 filed by the Applicant/Liquidator under Section 59 of the IBC, 2016, read with the Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, seeking the dissolution of M/s. Accord Financial Consultancy Ltd. The company was incorporated on 01.04.2015 under the Companies Act, 1956. The voluntary liquidation process commenced on 03.04.2019, with the appointment of Mr. Atul Mittal as the liquidator.

## Facts

M/s. Accord Financial Consultancy Ltd. was incorporated on 01.04.2015. The company initiated voluntary liquidation proceedings, with the commencement date being 03.04.2019. Mr. Atul Mittal was appointed as the liquidator. The liquidator advertised the voluntary liquidation in compliance with IBBI regulations. A bank account was opened for the liquidation process. The liquidator submitted a preliminary report on 06.05.2019 and informed the Income Tax Department about the liquidation. The Income Tax Department confirmed that there were no outstanding demands or pending scrutiny assessment proceedings. Liquidation expenses of Rs. 1,55,257 were incurred. The liquidator received a letter from Smt. Tulika Agarwal, holding 99.96% of the share capital, claiming the residual

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## Issues and analysis

### Issue 1: Whether the company, M/s. Accord Financial Consultancy Ltd., deserves to be dissolved given the …

**Ratio:** The legal principle applied is that a company can be dissolved if its affairs have been

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**Reasoning:** The court reasoned that the Liquidator had complied with all the necessary procedures

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**Interpretation:** The interpretation involves understanding the provisions of the IBC, 2016 and

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Ina Mal…; Shri. L. N.…
- **Respondents:** M/s Accord…; The Registrar of…

## Timeline

- **2015-04-01 — Company Incor…**: M/s. Accord Financial…
- **2019-03-04 — Voluntary Liquidation…**: Voluntary liquidation…

## 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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