# In the matter of E-Comm Opportunities Pvt. Ltd. CP(IB)-238(AHM)2021

> NCLT judgment dated 2022-01-06. Citation: TCN-2022-NCLT-04519. The application was filed by the Liquidator seeking to withdraw the liquidation process…

- **Court:** NCLT
- **Order date:** 6 Jan 2022
- **Citation:** TCN-2022-NCLT-04519
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/e-comm-opportunities-pvt-ltd-cpib-238ahm2021-6f13765f

## Summary

### Background

The application was filed by the Liquidator seeking to withdraw the liquidation process initiated by the corporate person under the provisions of the IBC, 2016. The Liquidator and the company members found that continuing the voluntary liquidation was not feasible due to insufficient funds. A special resolution was passed on October 19, 2021, to apply for withdrawal, authorizing the Liquidator to make an appropriate application. The company is a closely held entity with only four members, all of whom were present when the resolution was passed. The Liquidator complied with the previous order and assisted the court.

## Facts

The Liquidator of E-Comm Opportunities Pvt. Ltd. filed an application to withdraw the voluntary liquidation process initiated under the IBC, 2016. The reason for the withdrawal was the lack of sufficient funds to continue the process. A special resolution was passed by the members of the company on October 19, 2021, authorizing the Liquidator to apply for withdrawal. The company is a closely held entity with four members. The Income Tax Department stated that they have certain demands against the corporate person and can proceed independently under the Income Tax Act. The Liquidator complied with the previous order and assisted the court.

## Issues and analysis

### Issue 1: Whether the Liquidator can withdraw the voluntary …

**Ratio:** A liquidator can seek to withdraw the liquidation process if continuing it is not

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**Reasoning:** The court considered the Liquidator's submission that the company lacked sufficient funds

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**Interpretation:** This interpretation allows for the withdrawal of liquidation proceedings when

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**Application:** The Liquidator's application was based on the lack of funds and the special

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## Parties

- **Judges:** Dr.Deepti…; KAUSHALENDRA…
- **Appellants:** Ashish Shah…
- **Respondents:** E-Comm Opportuniti…

## Timeline

- **2021-10-19 — Special Resolution…**: Members of the company passed a special resolution to apply for withdrawal of the…
- **2022-01-06 — Order Del…**: The court delivered the order allowing the withdrawal of the 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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