# In the matter of Richmond Tie-Up Private Limited CP (IB) No. 1747-KB-2019

> NCLT judgment dated 2021-11-09. Citation: TCN-2021-NCLT-00558. The case pertains to an application filed under section 59(7) of the Insolvency & Bankruptcy…

- **Court:** NCLT
- **Order date:** 9 Nov 2021
- **Citation:** TCN-2021-NCLT-00558
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/richmond-tie-up-private-limited-cp-ib-no-1747-kb-2019-78d3dafc

## Summary

### Background

The case pertains to an application filed under section 59(7) of the Insolvency & Bankruptcy Code, 2016, read with Regulation 38(3) of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, for the voluntary liquidation and dissolution of Richmond Tie-up Private Limited. The Corporate Person was incorporated on 24.09.2010. The matter was initially reserved for orders on 22.01.2021, but was relisted due to missing documents, which were subsequently provided. The directors of the Corporate Person approved the declaration of solvency and resolved to wind up the company at a board meeting held on 05.01.2019.

## Facts

Richmond Tie-up Private Limited (CIN: U51101WB2010PTC153402), a Corporate Person, filed a petition under section 59(7) of the Insolvency & Bankruptcy Code, 2016, for voluntary liquidation. The company was incorporated on 24.09.2010 as Rambos Footwear Private Limited. The directors approved a declaration of solvency on 05.01.2019. Mr. Ketan Parekh was appointed as the liquidator. The liquidator made public announcements on 09.02.2019, fixing 06.03.2019 as the last date for receipt of claims. The liquidator opened a bank account in the name of 'Richmond Tie-up Private Limited (in Voluntary Liquidation)'. The liquidator confirmed that all assets were recovered, and liabilities were discharged. The final report was submitted to the Registrar of Companies and the IBBI

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## Issues and analysis

### Issue 1: Whether the Corporate Person's voluntary liquidation process complied with the requirements of …

**Ratio:** The ratio is based on the provisions of Section 59 of the Insolvency & Bankruptcy

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**Reasoning:** The court reasoned that the Corporate Person had complied with the necessary procedural

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**Interpretation:** The interpretation involves understanding the statutory requirements for

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**Application:** The ratio and reasoning were applied to the specific facts of the case,

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Respondents:** Richmond Tie-up…

## Timeline

- **2010-09-24 — Incorpor…**: The Corporate Person was incorporated…
- **2019-01-05 — Board Me…**: The directors of the Corporate Person approved the declaration of solvency and resolved…

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