# In the matter of NCML Faizabad Private Limited

> NCLT judgment dated 2025-07-10. Citation: TCN-2025-NCLT-00806. The petition CP (IB) No.313/Chd/Hry/2024 was filed by the Applicant/Liquidator of the Corporate…

- **Court:** NCLT
- **Order date:** 10 Jul 2025
- **Citation:** TCN-2025-NCLT-00806
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ncml-faizabad-private-limited-9fd0d337

## Summary

### Background

The petition CP (IB) No.313/Chd/Hry/2024 was filed by the Applicant/Liquidator of the Corporate Person, NCML Faizabad Private Limited, under Section 59 of the Insolvency and Bankruptcy Code, 2016, for dissolution of the Corporate Person.

## Facts

NCML Faizabad Private Limited was incorporated on January 18, 2017.

The Corporate Person entered into a concession agreement with the Food Corporation of India (FCI) for the construction, operation, and maintenance of a Silo Complex in Faizabad.

The management filed an application for cancellation of the concession contract with FCI due to various challenges.

The Board of Directors of the Corporate Person proposed to wind up the affairs of the Corporate Person voluntarily.

The Board of Directors prepared a Declaration of Solvency on July 30, 2024.

The Board of Directors convened a meeting on July 30, 2024, to record the Declaration of Solvency and approve the liquidation proposal.

Mr. Rajesh Panayanthatta was appointed as Liquidator for the purpose of winding up the company.

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of NCML …

**Ratio:** Based on the documents, facts, and submissions, the Tribunal found that the affairs of

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**Reasoning:** The Liquidator had complied with the necessary regulations and procedures for voluntary

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**Interpretation:** The Tribunal interpreted the provisions of the Insolvency and Bankruptcy Code,

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**Application:** The Tribunal applied the relevant provisions to the facts of the case and

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## Parties

- **Judges:** Harnam Singh…; SHISHIR A…
- **Appellants:** Rajesh Panayanthat…
- **Respondents:** NCML Faizabad…
- **Other parties:** Pankaj…; Ravi Sh…; +2 more
- **Advocates:** Karan Rajp…; Anuradha…

## Timeline

- **2017-01-18 — Incorpor…**: NCML Faizabad Private…
- **N/A — Concession Ag…**: The Corporate Person entered into a concession agreement with the Food Corporation of…

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