# In the matter of J.B. India Private Limited CP (IB) No. 9-CB-2021

> NCLT judgment dated 2021-08-09. Citation: TCN-2021-NCLT-01403. The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 9 Aug 2021
- **Citation:** TCN-2021-NCLT-01403
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jb-india-private-limited-cp-ib-no-9-cb-2021-e3a72dc6

## Summary

### Background

The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Liquidator for the voluntary liquidation of J.B. India Private Limited. The corporate debtor, J.B. India Private Limited, sought dissolution through voluntary liquidation, asserting compliance with all legal formalities and procedures. The company was incorporated on 16.04.1999. The Board of Directors resolved to liquidate the company voluntarily on 25/08/2018, after determining that the company had no debt and was not being liquidated to defraud anyone. The liquidator, CA Prasad Dharap, was appointed with a remuneration of Rs. 59,000.

## Facts

J.B. India Private Limited, incorporated on 16.04.1999, initiated voluntary liquidation under Section 59(7) of the IBC. The company's registered office was in Raipur, Chhattisgarh. The Board of Directors resolved to liquidate the company on 25/08/2018, believing it had no debts. CA Prasad Dharap was appointed as the liquidator. The liquidator's remuneration of Rs. 59,000 was paid by the corporate person. The liquidator opened a bank account for liquidation purposes and filed audited accounts. Public announcements were made in newspapers on 01/10/2018. The company notified the Registrar of Companies on 04/10/2018 and IBBI on 09/01/2021. The Income Tax Department issued no objection. The company had only current assets, which were distributed to stakeholders. The auditor

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## Issues and analysis

### Issue 1: Whether the Corporate Person, J.B. India Private Limited, has complied with the requirements of …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, outlines the procedure for

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**Reasoning:** The court examined the petition and the liquidator's actions, including the resolution by

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**Interpretation:** Section 59 provides a framework for voluntary liquidation, emphasizing

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**Application:** The court found that the Corporate Person had complied with the requirements of

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## Parties

- **Judges:** Rajasekha…; Satya Ranjan…
- **Appellants:** Prasad Kamalakar…
- **Respondents:** J.B. India…

## Timeline

- **1999-04-16 — Incorporation o…**: J.B. India Private…
- **2018-08-25 — Board Resolution for…**: The Board of Directors decided to…

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