# In the matter of BSM India Private Limited (IB)-486-ND-2021

> NCLT judgment dated 2021-09-17. Citation: TCN-2021-NCLT-01093. The application was filed by the Voluntary Liquidator under Section 59 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 17 Sept 2021
- **Citation:** TCN-2021-NCLT-01093
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bsm-india-private-limited-ib-486-nd-2021-c75dca53

## Summary

### Background

The application was filed by the Voluntary Liquidator under Section 59 of the Insolvency and Bankruptcy Code, 2016, read with the IBBI (Voluntary Liquidation Process) Regulations, 2017, seeking the dissolution of M/S BSM India Private Limited. The company was incorporated on 29.05.2013. A meeting of the Board convened on 20.01.2020, where a resolution was passed for voluntary liquidation. An Extra Ordinary General Meeting (EOGM) was held on 17.02.2020, where a special resolution was passed, appointing Mr. Amresh Kumar Sood as the Voluntary Liquidator. The liquidator published a notification in the newspaper on 21.02.2020. A Declaration of Solvency was signed by the Directors of the Company and filed with the Registrar of Companies on 24.02.2020. The commencement of

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## Facts

M/S BSM India Private Limited initiated voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 29.05.2013. A resolution for voluntary liquidation was passed on 20.01.2020, followed by a special resolution in the EOGM on 17.02.2020, appointing Amresh Kumar Sood as the Voluntary Liquidator. Public announcement was made on 21.02.2020. A declaration of solvency was signed and filed on 24.02.2020. The Income Tax Department was intimated on 26.02.2020, and a No-Objection Certificate was received on 03.12.2020. The liquidator changed the bank account name. Claims from operational creditors were received on 17.03.2020. A preliminary report was submitted on 02.04.2020. The GST registration was surrendered on

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## Issues and analysis

### Issue 1: Whether the delay in passing the Special Resolution and filing the petition with NCLT should be …

**Ratio:** The court has the discretion to condone delays if the reasons are justified and the delay

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**Reasoning:** The Counsel submitted that the reasons for the delay in conducting the liquidation

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**Interpretation:** Section 59 (3) (c) of the Code specifies the timelines for passing the Special

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**Application:** The court condoned the delay in passing the Special Resolution and filing the

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## Parties

- **Judges:** P.S.N. P…; K.K. V…
- **Respondents:** M/S BSM India…

## Timeline

- **2020-01-20 — Board Me…**: A resolution was passed for…
- **2020-02-17 — Extra Ordinary General…**: A special resolution was passed, appointing Mr. Amresh Kumar Sood as the Voluntary…

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