# In the matter of BIGZETTA SYSTEMS PRIVATE LIMITED

> NCLT judgment dated 2024-07-05. Citation: TCN-2024-NCLT-01061. The case pertains to an application filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 5 Jul 2024
- **Citation:** TCN-2024-NCLT-01061
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bigzetta-systems-private-limited-c44ea4d8

## Summary

### Background

The case pertains to an application filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking the dissolution of Bigzetta Systems Private Limited, which had initiated voluntary liquidation. The company, incorporated on February 21, 2018, engaged in software designing, development, and related services. The Board of Directors passed a resolution for voluntary liquidation on October 8, 2022, after determining the company could pay its debts in full. The Declaration of Solvency was filed with the ROC, along with financial statements. The liquidator was appointed and made public announcements, notified relevant authorities, and prepared necessary reports and accounts as required under the Insolvency and Bankruptcy Board of India (Voluntary Liquidation

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## Facts

Bigzetta Systems Private Limited, incorporated on February 21, 2018, engaged in software-related services. On October 8, 2022, the Board of Directors resolved to initiate voluntary liquidation, believing the company could meet its debts. A liquidator, Mr. Arun Gupta, was appointed, and a Declaration of Solvency was filed. Public announcements were made in newspapers on November 5, 2022, inviting stakeholder claims. The liquidator notified the Income Tax Authorities and GST authorities. The company's bank accounts were transferred and closed by March 9, 2023. An Axis Bank account was opened for the liquidation process on November 25, 2022. The liquidator prepared a preliminary report by December 3, 2022, and a final report by March 11, 2023. An operational creditor

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## Issues and analysis

### Issue 1: Whether the application for dissolution of Bigzetta Systems Private Limited under Section 59 of the …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, read with the Insolvency and

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**Reasoning:** The Adjudicating Authority reasoned that the liquidator had complied with all necessary

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**Interpretation:** Section 59 is interpreted to allow for an efficient and orderly dissolution of

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**Application:** In this case, the ratio and reasoning were applied to the facts presented by

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## Parties

- **Judges:** MANNI SANKARIAH…; Sanjeev R…
- **Respondents:** Bigzetta Systems…; Registrar of…

## Timeline

- **2018-02-21 — Company Incor…**: Bigzetta Systems Private…
- **2022-10-08 — Board Resolution for…**: The Board of Directors passed a…

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