# In the matter of Framework Systems and Solutions Private Limited CP(IB) No. 31-KOB-2021

> NCLT judgment dated 2021-11-16. Citation: TCN-2021-NCLT-00490. The application was filed under Section 59(7) of the Insolvency & Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 16 Nov 2021
- **Citation:** TCN-2021-NCLT-00490
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/framework-systems-and-solutions-private-limited-cpib-no-31-kob-2021-aec72ebe

## Summary

### Background

The application was filed under Section 59(7) of the Insolvency & Bankruptcy Code, 2016, regarding the voluntary liquidation of Framework Systems and Solutions Private Limited. The Corporate Person completed the necessary formalities and procedures for liquidation. The Board of Directors decided to discontinue business activities due to a lack of business prospects from 01.04.2018. A declaration was made by the directors on 24.11.2020 and notified to the ROC on 17.12.2020. The Board approved the proposal to liquidate the company voluntarily, and a special resolution was passed on 22.12.2020 to voluntarily liquidate the Corporate Person, appointing Mr. Pankaj Lunawat as Liquidator.

## Facts

Framework Systems and Solutions Private Limited underwent voluntary liquidation due to a lack of business prospects. The company was incorporated on August 20, 2010. The Board of Directors decided to discontinue business activities from April 1, 2018. The directors made a declaration on November 24, 2020, which was notified to the ROC on December 17, 2020. The Board approved the liquidation proposal on November 24, 2020, and a special resolution was passed on December 22, 2020, appointing Mr. Pankaj Lunawat as the liquidator. The Corporate Person intimated the ROC, IBBI, and IIIPI of ICAI on December 24, 2020. The last date for submission of claims was January 21, 2021. The liquidator received claims from six operational creditors. A new bank account was opened on

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Framework Systems and Solutions Private Limited was …

**Ratio:** The ratio is based on Section 59 of the Insolvency and Bankruptcy Code, 2016, which

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**Reasoning:** The court examined the actions taken by the liquidator, including making public

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**Interpretation:** Section 59 of the IBC and related regulations outline the procedure for

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**Application:** The liquidator, Mr. Pankaj Lunawat, followed the prescribed procedures,

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## Parties

- **Judges:** Ashok Kumar…; Anil Ku…
- **Respondents:** Framework Systems…

## Timeline

- **2010-08-20 — Incorporation of…**: Framework Systems and Solutions…
- **2018-04-01 — Discontinuation of…**: The Board of Directors decided to discontinue business activities due to a lack of…

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