# In the matter of Friction Fibre Technologies India Private Limited (IB)-196-ND-2020

> NCLT judgment dated 2021-04-13. Citation: TCN-2021-NCLT-02396. The case pertains to an application filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 13 Apr 2021
- **Citation:** TCN-2021-NCLT-02396
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/friction-fibre-technologies-india-private-limited-ib-196-nd-2020-6d4117aa

## Summary

### Background

The case pertains to an application filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, read with the IBBI (Voluntary Liquidation Process) Regulations, 2017, by the Voluntary Liquidator seeking the dissolution of M/s. Friction Fibre Technologies India Private Ltd. The company was incorporated under the Companies Act, 1956. The Board of Directors had unanimously decided to voluntarily liquidate the company, and a special resolution was passed in the Annual General Meeting appointing Mr. Bhim Sain Goyal as the Voluntary Liquidator. The voluntary liquidator has complied with the necessary requirements, including intimating the Income Tax Authorities and publishing a notification in newspapers. No claims were received from any creditor, and the voluntary

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## Facts

M/s Friction Fibre Technologies India Private Limited sought voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated under the Companies Act, 1956. The Board of Directors unanimously decided to voluntarily liquidate the company on 2019-09-16. Mr. Bhim Sain Goyal was appointed as the Voluntary Liquidator via a special resolution passed on 2019-09-30. The voluntary liquidator provided intimation to the Income Tax Authorities and received a No Dues Certificate. A notification was published in newspapers. A bank account was opened with HDFC Bank in the name of the company in Voluntary Liquidation, which was later closed after the distribution of assets. The voluntary liquidator paid off all liabilities and the

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## Issues and analysis

### Issue 1: Whether the application for voluntary liquidation of M/s. Friction Fibre Technologies India Private …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, allows a corporate person to

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**Reasoning:** The court considered the submissions made by the voluntary liquidator, including the

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**Interpretation:** Section 59 provides a mechanism for a solvent company to wind up its affairs in

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**Application:** In this case, the court found that the company had met the conditions for

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## Parties

- **Judges:** P.S.N. P…; V.K. SUB…
- **Respondents:** M/s Friction…

## Timeline

- **2019-09-16 — Board of Directors…**: The Board of Directors unanimously decided…
- **2019-09-30 — Special Resolution…**: A special resolution was passed in the Annual General Meeting appointing Mr. Bhim Sain…

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