# In the matter of Ikon Real-Tech Pvt. Ltd. (IB)-1179-60(5)-ND-2018

> NCLT judgment dated 2018-10-08. Citation: TCN-2018-NCLT-00643. The Directors of Ikon Real-Tech Private Ltd. filed a petition to terminate the voluntary…

- **Court:** NCLT
- **Order date:** 8 Oct 2018
- **Citation:** TCN-2018-NCLT-00643
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ikon-real-tech-pvt-ltd-ib-1179-605-nd-2018-170b9072

## Summary

### Background

The Directors of Ikon Real-Tech Private Ltd. filed a petition to terminate the voluntary liquidation process, which they had previously initiated. The Board of Directors had passed a resolution on April 16, 2018, under Section 59 of the Insolvency & Bankruptcy Code for voluntary liquidation. A special resolution was passed during an extraordinary general meeting on April 25, 2018. A liquidator was appointed to complete the due process.

## Facts

Ikon Real-Tech Private Ltd. initiated a voluntary liquidation process. The Board of Directors passed a resolution for voluntary liquidation on April 16, 2018, under Section 59 of the Insolvency & Bankruptcy Code. A special resolution was passed on April 25, 2018. A liquidator was appointed. The company claimed to have no debt at the time of the voluntary liquidation announcement. The liquidator received a letter from stakeholders expressing their interest in withdrawing the voluntary liquidation process. All assets of the company were kept in a fixed deposit with the bank. The liquidator had no objection to the petition for terminating the liquidation process.

## Issues and analysis

### Issue 1: Whether the petition to terminate the voluntary liquidation process of Ikon Real-Tech Private Ltd. …

**Ratio:** A voluntary liquidation process can be terminated if the company has no debt, the

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**Reasoning:** The court considered that the company had no debt at the time of the voluntary

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**Interpretation:** The interpretation of the Insolvency and Bankruptcy Code allows for the

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**Application:** In this case, the company had no debt, the liquidator had no objection, and the

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## Parties

- **Judges:** DeepaKr…; Ina Mal…
- **Appellants:** M/s. Anil Kumar…
- **Respondents:** Ikon Real-Tech…; Gulshan Kumar…

## Timeline

- **2018-04-16 — Board Reso…**: The Board of Directors passed a resolution under Section 59 of the Insolvency &…
- **2018-04-25 — Special Res…**: A special resolution was passed during…

## 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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