# In the matter of ACE KETONES PRIVATE LIMITED

> NCLT judgment dated 2023-07-25. Citation: TCN-2023-NCLT-02352. The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 25 Jul 2023
- **Citation:** TCN-2023-NCLT-02352
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ace-ketones-private-limited-8e3b6ec0

## Summary

### Background

The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, by Ace Ketones Private Limited, seeking voluntary liquidation. Ace Ketones Private Limited was incorporated on 16/12/1998 as a private limited company. The Board of Directors decided to liquidate the company voluntarily and made a Declaration of Solvency on 28.10.2021. The shareholders passed a special resolution on 05.11.2021 to liquidate the company and appointed Ms. Beena Nayar as Liquidator. The company notified the Registrar of Companies about the special resolution on 17.11.2021 and made a public announcement on 06.11.2021 inviting claims from stakeholders. The liquidator closed the liquidation account and obtained a certificate of closure from the Indian

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## Facts

Ace Ketones Private Limited, incorporated on 16/12/1998, filed a petition under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking voluntary liquidation. The company's board decided to liquidate voluntarily, declaring solvency on 28.10.2021. Shareholders passed a special resolution on 05.11.2021 to liquidate and appointed Ms. Beena Nayar as Liquidator. The company notified the Registrar of Companies on 17.11.2021 and made a public announcement on 06.11.2021. The liquidator closed the liquidation account, receiving a closure certificate from Indian Overseas Bank on 21.06.2022. The Tribunal directed notice to the Registrar of Companies, who had no objection. The company had no creditors and two shareholders. The liquidation commenced on 05.11.2021. The dues

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Ace Ketones Private Limited should be approved under …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, allows a corporate person to

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**Reasoning:** The Tribunal noted that the company had passed a special resolution for voluntary

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**Interpretation:** Section 59 provides a mechanism for a solvent company to wind up its affairs

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**Application:** The Tribunal applied Section 59 to the facts of the case, finding that Ace

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Respondents:** Ace Ketones…; The Registrar of…

## Timeline

- **1998-12-16 — Company Incor…**: Ace Ketones Private…
- **2021-10-28 — Declaration of…**: The Board of Directors made…

## 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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