# In the matter of Perfect Plascon Private Limited

> NCLT judgment dated 2025-08-01. Citation: TCN-2025-NCLT-01192. The application is filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read…

- **Court:** NCLT
- **Order date:** 1 Aug 2025
- **Citation:** TCN-2025-NCLT-01192
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/perfect-plascon-private-limited-2767100a

## Summary

### Background

The application is filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, seeking the dissolution of Perfect Plascon Private Limited.

## Facts

The application was filed on 17.08.2023 by the liquidator, Mr. Madan Lal Aggarwal.

Perfect Plascon Private Limited was incorporated on 20.01.2020 under the Companies Act, 2013.

The voluntary liquidation process commenced following a special resolution passed in a board meeting on 06.08.2022.

Mr. Madan Lal Aggarwal was appointed as the liquidator.

The members of the company approved the voluntary liquidation and the appointment of the liquidator in an Extra-Ordinary General Meeting held on 18.08.2022.

Public announcements were made in the Financial Express (English) and Nawan Jamana (Punjabi) newspapers on 21.08.2022.

The company received a No Objection Certificate (NOC) from its creditor, Sulabh Gupta.

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process was …

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

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**Reasoning:** The liquidator followed the prescribed procedures, including obtaining necessary

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**Interpretation:** The provisions of the Code and Regulations were correctly interpreted and

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**Application:** The liquidator's actions were in compliance with the legal requirements for

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## Parties

- **Judges:** KHETRABASI…; KAUSHALENDRA…
- **Appellants:** Madan Lal A…
- **Respondents:** Perfect Plascon…
- **Other parties:** Sugam G…; Sulabh…; +2 more
- **Advocates:** Karanveer…

## Timeline

- **2020-01-20 — Incorpor…**: Perfect Plascon Private…
- **2022-08-06 — Board Me…**: Special resolution passed in the board…

## 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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