# In the matter of Ashuji Distributors Private Limited

> NCLT judgment dated 2025-04-01. Citation: TCN-2025-NCLT-00283. The case pertains to an application filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 1 Apr 2025
- **Citation:** TCN-2025-NCLT-00283
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ashuji-distributors-private-limited-5bd5ea6b

## Summary

### Background

The case pertains to an application filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, by Ashuji Distributors Private Limited, represented by its liquidator, Mr. Manoj Kumar Jain, seeking dissolution of the company which is under voluntary liquidation. The company was incorporated on 07.03.2013. The Board of Directors decided to voluntarily liquidate the company on 04.04.2019 and executed a Declaration of Solvency. A special resolution was passed in an Extraordinary General Meeting (EOGM) on 22.04.2019 to liquidate the company voluntarily, and Mr. Manoj Kumar Jain was appointed as the liquidator. The liquidator made a public announcement on 01.08.2019 seeking submission of claims from stakeholders. Post payment of recurring expenses, the balance amount

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## Facts

Ashuji Distributors Private Limited, the applicant company, sought dissolution under Section 59 of the Insolvency and Bankruptcy Code, 2016. Incorporated on 07.03.2013, the company's Board of Directors decided on 04.04.2019 to voluntarily liquidate. A Declaration of Solvency was executed, and a Special Resolution was passed on 22.04.2019 during an Extraordinary General Meeting (EOGM) to appoint Mr. Manoj Kumar Jain as the liquidator. Mr. Jain, an Insolvency Professional, published a liquidation commencement announcement on 01.08.2019, inviting stakeholder claims. After settling recurring expenses, the remaining balance was distributed to members on 06.11.2019. The liquidator submitted a final report to the Registrar of Companies and closed the liquidation account. The

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## Issues and analysis

### Issue 1: Whether the affairs of the Corporate Person have been completely wound up and the assets of the …

**Ratio:** Section 59(8) of the Insolvency and Bankruptcy Code (IBC), 2016, empowers the court to

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**Reasoning:** The court examined the submissions of the liquidator, the documents annexed to the

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**Interpretation:** Section 59(8) of the IBC allows for the dissolution of a company when its

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**Application:** In this case, the liquidator demonstrated that all assets of Ashuji

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## Parties

- **Judges:** Sunil Kumar…; Radhakrishna…
- **Respondents:** Ashuji Distributor…

## Timeline

- **2013-03-07 — Company Incor…**: Ashuji Distributors Private…
- **2019-04-04 — Decision for Voluntary…**: The Board of Directors decided to voluntarily liquidate the Company and executed a…

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