# In the matter of Coimbatore Commodities Limited CP-IB-76-2021

> NCLT judgment dated 2021-11-01. Citation: TCN-2021-NCLT-00654. The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 1 Nov 2021
- **Citation:** TCN-2021-NCLT-00654
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/coimbatore-commodities-limited-cp-ib-76-2021-1300ad92

## Summary

### Background

The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, seeking an order to dissolve Coimbatore Commodities Limited. The company was incorporated on August 25, 2003, to trade in commodities and their derivatives. The Board of Directors approved voluntary liquidation on October 21, 2020, subject to member approval. The company had four directors and eight equity shareholders. The directors confirmed the company had no debts and was not being liquidated to defraud anyone. The company filed a Declaration of Solvency with the Registrar of Companies on October 27, 2020. The voluntary liquidation commenced on October 28, 2020, and a public announcement was made. The applicant, the liquidator, received no claims from

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## Facts

Coimbatore Commodities Limited was incorporated on August 25, 2003, to trade in commodities. The Board of Directors approved voluntary liquidation on October 21, 2020, subject to member approval. The company had four directors: Doraisamy Balasundaram, Balakrishna Naidu Venkateswaran, Jaganath Thulasidharan, and Karthikeyan Subbiah. The company had eight equity shareholders. The directors confirmed the company had no debts and was not being liquidated to defraud anyone. The company filed a Declaration of Solvency with the Registrar of Companies on October 27, 2020. The voluntary liquidation commenced on October 28, 2020, and a public announcement was made. The liquidator, M.D. Selvaraj, received no claims from creditors or stakeholders. The liquidator notified the

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## Issues and analysis

### Issue 1: Whether the affairs of the Company …

**Ratio:** Section 59(8) of the Insolvency and Bankruptcy Code, 2016, allows for the dissolution of

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**Reasoning:** The court examined the submissions made by the Learned Liquidator and perused the

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**Interpretation:** This issue requires an assessment of whether the company has fulfilled all its

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**Application:** Based on the liquidator's report and the auditor's certificate, the court

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## Parties

- **Judges:** R. Sucha…; Anil Ku…
- **Appellants:** M.D. Sel…
- **Respondents:** Coimbatore…

## Timeline

- **2003-08-25 — Company Incor…**: Coimbatore Commodities Limited was incorporated to trade in commodities and their…
- **2020-10-21 — Board Approval for…**: The Board of Directors of the Company approved the voluntary liquidation of the Company…

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