# In the matter of Reitz United Technologies Private Limited CP(IB) No. 367-59-HDB-2019

> NCLT judgment dated 2019-06-14. Citation: TCN-2019-NCLT-02880. The case pertains to the voluntary liquidation of M/s. Reitz United Technologies Private…

- **Court:** NCLT
- **Order date:** 14 Jun 2019
- **Citation:** TCN-2019-NCLT-02880
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/reitz-united-technologies-private-limited-cpib-no-367-59-hdb-2019-095fa9d1

## Summary

### Background

The case pertains to the voluntary liquidation of M/s. Reitz United Technologies Private Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated in 1999 and decided to undergo voluntary liquidation as it was not willing to continue its business. The Board of Directors passed a resolution for voluntary liquidation on 21.08.2018, and the shareholders approved the voluntary liquidation in an extra-ordinary general meeting held on 27.08.2018. The liquidator, Mr. N.B. Kumar, initiated the liquidation process, issued public announcements, and submitted a preliminary report.

## Facts

M/s. Reitz United Technologies Private Limited was incorporated under the Companies Act, 1956 on 02.06.1999. The company's registered office was located in Hyderabad. The authorized share capital of the company was Rs. 1,00,00,000, divided into 10,00,000 equity shares of Rs. 10 each. The issued and subscribed capital was Rs. 80,20,000, divided into 8,02,000 equity shares of Rs. 10 each, fully paid up. The company decided to undergo voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016, as it was not willing to continue its business. The Board of Directors passed a resolution on 21.08.2018 for voluntary liquidation, and the shareholders approved the voluntary liquidation in an extra-ordinary general meeting held on 27.08.2018. The

…

## Issues and analysis

### Issue 1: Whether the Liquidator has complied with the provisions of Section 59 of the Insolvency and …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, and Regulation 3 of the IBBI

…

**Reasoning:** The Tribunal considered the application filed by the liquidator and examined the

…

**Interpretation:** Section 59 of the IBC outlines the conditions and procedures for initiating

…

**Application:** The Tribunal determined that the liquidator, Mr. N.B. Kumar, had complied with

…

## Parties

- **Judges:** Ratakonda…; Ratakonda…
- **Respondents:** Reitz United…

## Timeline

- **1999-06-02 — Company Incor…**: M/s. Reitz United Technologies Private Limited was incorporated under the Companies Act,…
- **2018-08-21 — Board Resolution for…**: The Board of Directors of the Company passed a resolution for voluntarily liquidating the…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/reitz-united-technologies-private-limited-cpib-no-367-59-hdb-2019-095fa9d1