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

> NCLT judgment dated 2023-06-28. Citation: TCN-2023-NCLT-02749. 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-02749
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/dcs-bpo-private-limited-cpib-198che-2022-a1746d53

## 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 operations, and information technology services. Due to unprofitability and limited financial resources, a decision was made to voluntarily liquidate the company. A board meeting on 14.05.2022 approved the voluntary liquidation, subject to member approval at the Annual General Meeting. The required resolution was approved by the shareholders.

## Facts

DCS BPO Private Limited, incorporated on 2003-01-09, sought voluntary liquidation due to unprofitability. A board meeting on 2022-05-14 approved the voluntary liquidation, which was subsequently approved by the shareholders. M. D. Selvaraj, the liquidator, filed a Company Application under Section 59(7) of the IBC, 2016, seeking dissolution. The company had a cash/bank balance of Rs. 94,01,711. The liquidator made public announcements, but no claims were received within the due date, except for a claim from the Employees State Insurance Corporation, which was later rejected. The liquidator realized Rs. 94,01,711 and distributed Rs. 5,18,298 towards liquidation costs, Rs. 45,413 towards government dues, and Rs. 27,000 towards statutory audit fees. Preference

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## Issues and analysis

### Issue 1: Whether the compliances required under the Insolvency and Bankruptcy Code, 2016, and related …

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

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**Reasoning:** The court examined the submissions made by the liquidator and the documentation annexed

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**Interpretation:** The interpretation of Section 59 and related regulations requires strict

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**Application:** The court applied the provisions of Section 59 and related regulations to the

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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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