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

> NCLT judgment dated 2021-04-13. Citation: TCN-2021-NCLT-02388. 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-02388
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/friction-fibre-technologies-india-private-limited-ib-196-nd-2020-737a8810

## 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 initiated voluntary liquidation after a unanimous decision by its Board of Directors on 16.09.2019, following approval from the members. The company had filed a Declaration of Solvency and audited financial statements with the ROC. Mr. Bhim Sain Goyal was appointed as the Voluntary Liquidator on 30.09.2019. The voluntary liquidator also submitted a preliminary report to the company on 23.10.2020 and the final report along with the Auditors Certificate to the ROC and IBBI on

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## Facts

M/s Friction Fibre Technologies India Private Limited initiated voluntary liquidation. The Board of Directors unanimously decided to voluntarily liquidate the company on 16.09.2019. Mr. Bhim Sain Goyal was appointed as the Voluntary Liquidator on 30.09.2019. The company had filed a Declaration of Solvency and audited financial statements with the ROC. The voluntary liquidator gave intimation under section 178 of the Income Tax Act, 1961 and received a No Dues Certificate. The voluntary liquidator published a notification in the newspaper on 02.10.2019. The voluntary liquidator submitted a preliminary report to the company on 23.10.2020 and the final report along with the Auditors Certificate to the ROC and IBBI on 31.10.2020. The ROC filed a reply stating that an

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## Issues and analysis

### Issue 1: Whether the necessary compliances under Section 59 of the Insolvency and Bankruptcy Code, 2016 and …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, read with the IBBI (Voluntary

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**Reasoning:** The court considered the submissions made by the applicant, including the filing of

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**Interpretation:** Section 59 of the IBC and related regulations are interpreted to ensure that

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**Application:** The court applied the provisions of Section 59 and the IBBI Regulations to the

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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 — Appointment of…**: Mr. Bhim Sain Goyal was appointed…

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