# In the matter of Bromex Private Limited

> NCLT judgment dated 2024-07-26. Citation: TCN-2024-NCLT-00941. The case pertains to a Company Application filed by the Liquidator for the voluntary…

- **Court:** NCLT
- **Order date:** 26 Jul 2024
- **Citation:** TCN-2024-NCLT-00941
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bromex-private-limited-675897e0

## Summary

### Background

The case pertains to a Company Application filed by the Liquidator for the voluntary liquidation of Bromex Private Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company, incorporated under the Companies Act, 1956, engaged in various oil-related businesses but ceased significant operations from March 31, 2022, leading to a decision to wind up. A board meeting on August 28, 2023, resolved to initiate voluntary liquidation, followed by an Extraordinary General Meeting on September 16, 2023, where the applicant was appointed as liquidator. The liquidator complied with the IBBI (Voluntary Liquidation Process) Regulations, 2017.

## Facts

Bromex Private Limited, incorporated under the Companies Act, 1956, with CIN: U51102TN2005PTC056087, engaged in the business of oils. Due to a lack of significant business operations since March 31, 2022, the company decided to undergo voluntary liquidation. A board meeting was held on August 28, 2023, to consider winding up. An Extraordinary General Meeting (EGM) on September 16, 2023, appointed Shanmugakani Saraskumar as the liquidator. The company's authorized share capital was INR 10,00,000, divided into 1,00,000 equity shares of INR 10 each. The liquidator followed the IBBI (Voluntary Liquidation Process) Regulations, 2017. Claims were received from the State Tax Officer for assessment years 2018-19 and 2019-20. The liquidator made payments to stakeholders,

…

## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Bromex Private Limited was conducted in accordance …

**Ratio:** Section 59 of the IBC, 2016, read with the IBBI (Voluntary Liquidation Process)

…

**Reasoning:** The court examined the various compliances made by the liquidator, including the board

…

**Interpretation:** The interpretation involves ensuring that all procedural requirements under

…

**Application:** In this case, the liquidator demonstrated compliance with the required

…

## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Respondents:** Bromex Private…

## Timeline

- **1956-01-01 — Company Incor…**: Bromex Private Limited was incorporated under…
- **2022-03-31 — Cessation of Significant…**: Bromex Private Limited ceased…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bromex-private-limited-675897e0