# In the matter of Aar Ess Agro Commodities Private Limited (IB)-482-ND-2021

> NCLT judgment dated 2022-02-22. Citation: TCN-2022-NCLT-04014. The case pertains to an application filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 22 Feb 2022
- **Citation:** TCN-2022-NCLT-04014
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aar-ess-agro-commodities-private-limited-ib-482-nd-2021-056bd235

## Summary

### Background

The case pertains to an application filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking the dissolution of M/s. Aar Ess Agro Commodities Private Limited, which is undergoing voluntary liquidation. The company had suspended its trading operations due to unfavorable business prospects. The board of directors decided to voluntarily liquidate the company, and an Extra Ordinary General Meeting approved this decision. Mr. Sachin Sapra was appointed as the Voluntary Liquidator.

## Facts

M/s Aar Ess Agro Commodities Private Limited, CIN: U74999DL2003PTC123272, is undergoing voluntary liquidation. The company suspended its trading operations due to unfavorable business prospects. The Board of Directors unanimously decided on 2018-12-08 to voluntarily liquidate the company. An Extra Ordinary General Meeting was held on 2019-01-03 to approve the voluntary liquidation. Mr. Sachin Sapra, an Insolvency Professional, was appointed as the Voluntary Liquidator. The voluntary liquidator gave the required intimation under section 178 of the Income Tax Act, 1961. The company deposited Rs. 1,41,500/- on 2020-03-05 against an assessment order. The NOC of the Income Tax Department was received on 2020-10-21. The voluntary liquidator published a notification in the

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## Issues and analysis

### Issue 1: Whether the application for dissolution of M/s. Aar Ess Agro Commodities Private Limited under …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, allows for the voluntary

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**Reasoning:** The court considered the satisfaction accorded by the voluntary liquidator and the fact

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**Interpretation:** Section 59 provides a mechanism for corporate persons to voluntarily liquidate

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**Application:** The court applied Section 59 to the facts of the case, noting that the company

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## Parties

- **Judges:** DHARMINDER…; SUMITAPURKA…
- **Respondents:** M/s Aar Ess Agro…

## Timeline

- **2018-12-08 — Board Dec…**: The Board of Directors unanimously decided…
- **2019-01-03 — EGM Appr…**: An Extra Ordinary General Meeting was held to approve the voluntary liquidation of the…

## 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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