# In the matter of BRICS Commodities Private Limited

> NCLT judgment dated 2023-10-11. Citation: TCN-2023-NCLT-01296. The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 11 Oct 2023
- **Citation:** TCN-2023-NCLT-01296
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/brics-commodities-private-limited-6ef658bd

## Summary

### Background

The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, for the voluntary liquidation of Brics Commodities Private Limited. The company was incorporated on 19.01.2004. The Board of Directors resolved to voluntarily liquidate the company on 31.03.2022. The company appointed Mr. Bharat Ramakant Upadhyay as the liquidator. The liquidator made a public announcement and submitted reports to the IBBI and Registrar of Companies.

## Facts

Brics Commodities Private Limited, incorporated on 19.01.2004, filed a Company Petition under Section 59 of the Insolvency and Bankruptcy Code, 2016, for voluntary liquidation. The company's Board of Directors resolved to liquidate on 31.03.2022, stating that the company was not carrying on any business or earning profits. Mr. Bharat Ramakant Upadhyay was appointed as the liquidator. The liquidator made a public announcement inviting claims, but no claims were received from operational or financial creditors. The liquidator submitted preliminary and final reports to the IBBI, stating that the company had no liabilities or realizable assets. The company obtained a 'No Objection Certificate' from the Income Tax Department, confirming no pending dues. The members of the

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process initiated by Brics Commodities Private Limited complies …

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

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**Reasoning:** The court examined the submissions made by the petitioner and the liquidator, including

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

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**Application:** In this case, the court found that Brics Commodities Private Limited had

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## Parties

- **Judges:** Prabhat…; SH V.G.…
- **Respondents:** BRICS COMMODITIES…

## Timeline

- **2004-01-19 — Company Incor…**: Brics Commodities Private…
- **2022-03-31 — Board Reso…**: The Board of Directors resolved to…

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