# In the matter of Ageo Technologies Pvt. Ltd. IB-654-ND-2022

> NCLT judgment dated 2023-03-16. Citation: TCN-2023-NCLT-04219. The case pertains to the voluntary liquidation of M/s. Ageo Technologies Pvt. Ltd. under…

- **Court:** NCLT
- **Order date:** 16 Mar 2023
- **Citation:** TCN-2023-NCLT-04219
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ageo-technologies-pvt-ltd-ib-654-nd-2022-39b4d615

## Summary

### Background

The case pertains to the voluntary liquidation of M/s. Ageo Technologies Pvt. Ltd. under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 10.01.2011 and was engaged in undertaking turnkey contracts related to Heating, Ventilation, Air Conditioning, Air Cooling and Process Cooling. The Board of Directors passed a resolution on 27.12.2021 to voluntarily liquidate the company, which was followed by a special resolution passed by the members on 31.12.2021. Mr. Akhil Chadha was appointed as the Liquidator. The Registrar of Companies of NCT of Delhi and the IBBI were notified within the prescribed time.

## Facts

M/s. Ageo Technologies Pvt. Ltd. was incorporated on 10.01.2011 and engaged in turnkey contracts related to heating and cooling. On 27.12.2021, the Board of Directors resolved to voluntarily liquidate the company under Section 59 of the IBC, 2016. A special resolution was passed by the members on 31.12.2021. Mr. Akhil Chadha was appointed as the Liquidator. Notifications were published in newspapers on 03.01.2022. A Declaration of Solvency was filed. The Liquidator stated that no claims were received, except for a delayed claim from the GST Officer on 14.02.2022, which was taken on record. The Liquidator closed the company's bank accounts. The IBBI clarified that an Insolvency Professional is not required to seek a No Objection Certificate from the Income Tax

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## Issues and analysis

### Issue 1: Whether the application for voluntary liquidation of M/s. Ageo Technologies Pvt. Ltd. under Section …

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

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**Reasoning:** The NCLT considered the steps taken by the Liquidator, including the resolutions passed

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**Interpretation:** Section 59 provides a mechanism for companies to voluntarily liquidate their

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**Application:** The NCLT applied Section 59 to the facts of the case, finding that the company

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## Parties

- **Judges:** BACHU VENKAT…; RAHUL BHA…
- **Respondents:** M/s. Ageo…

## Timeline

- **2011-01-10 — Company Incor…**: M/s. Ageo Technologies…
- **2021-12-27 — Board Reso…**: The Board of Directors passed a resolution…

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