# In the matter of DCS BPO Private Limited CP(IB)-198(CHE)-2022

> NCLT judgment dated 2023-06-28. Citation: TCN-2023-NCLT-02756. The case pertains to the voluntary liquidation of DCS BPO Private Limited under Section 59(7)…

- **Court:** NCLT
- **Order date:** 28 Jun 2023
- **Citation:** TCN-2023-NCLT-02756
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/dcs-bpo-private-limited-cpib-198che-2022-69a94ae1

## Summary

### Background

The case pertains to the voluntary liquidation of DCS BPO Private Limited under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 09.01.2003 under the Companies Act, 1956, to provide customer interaction services, back-office support, and information technology services. Due to unprofitability and limited financial resources, the company decided to voluntarily liquidate. A board meeting on 14.05.2022 approved the voluntary liquidation, subject to member approval in the Annual General Meeting, which was subsequently obtained.

## Facts

DCS BPO Private Limited was incorporated on 09.01.2003 under the Companies Act, 1956. The company's business was not profitable due to limited financial resources, leading to a decision to voluntarily liquidate. A board meeting on 14.05.2022 approved the voluntary liquidation, subject to member approval. The liquidator, M. D. Selvaraj, filed a Company Application seeking dissolution under Section 59(7) of the IBC, 2016. The company's CIN is U72200TN2003PTC050166. The amounts realized totaled Rs. 94,01,711, which included cash/bank balance. The distribution included liquidation costs of Rs. 5,18,298, government dues of Rs. 45,413, statutory audit fees of Rs. 27,000, and preference shareholders of Rs. 88,11,000. Claims from ESIC were received and rejected. 'Form H' was

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## Issues and analysis

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

**Ratio:** Section 59(8) of the IBC, 2016, empowers the court to order the dissolution of a company

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**Reasoning:** The court examined the submissions made by the Ld. Counsel for the Applicant and perused

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**Interpretation:** Section 59(8) of the IBC, 2016, provides the legal basis for the court to

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**Application:** Based on the liquidator's submissions and the documentation provided, the court

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## Parties

- **Judges:** SANJIV…; SAMEER…
- **Respondents:** DCS BPO PRIVATE…

## Timeline

- **2003-01-09 — Company Incor…**: DCS BPO Private Limited was…
- **2022-05-14 — Board Me…**: A board meeting approved the voluntary liquidation of the company, subject to member…

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