# In the matter of Deltron Limited

> NCLT judgment dated 2023-10-16. Citation: TCN-2023-NCLT-01197. The case pertains to the voluntary liquidation of Deltron Limited under Section 59 of the…

- **Court:** NCLT
- **Order date:** 16 Oct 2023
- **Citation:** TCN-2023-NCLT-01197
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/deltron-limited-a2e06057

## Summary

### Background

The case pertains to the voluntary liquidation of Deltron Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016. Deltron Limited, incorporated on 10.06.1982, initiated voluntary liquidation following a resolution passed by its Board of Directors on 23.07.2019. The company appointed Mr. Sunil Kumar Agarwal as the Voluntary Liquidator. The application for dissolution was filed before the National Company Law Tribunal (NCLT), New Delhi. The Registrar of Companies (ROC) raised certain observations regarding pending charges and compliance with stock exchange regulations. The liquidator addressed these observations by providing evidence of communication with ICICI Bank regarding the satisfaction of charges and with BSE regarding the commencement of liquidation.

## Facts

Deltron Limited, incorporated on 10.06.1982, engaged in trading various goods. On 23.07.2019, the Board of Directors passed a resolution for voluntary liquidation. An Extra-Ordinary General Meeting was held on 20.08.2019, approving the voluntary winding up and appointing Mr. Sunil Kumar Agarwal as the Voluntary Liquidator. The company owed Rs. 18,57,821 as on 20.08.2019. Public announcement was made on 24.08.2019. The last date for submission of claims was 19.09.2019. The Voluntary Liquidator sent intimation letters to the Income Tax Department and Provident Fund Officer. The Liquidator had not received any claim. The Liquidator prepared a preliminary report and sent it to the Company and IBBI. The Liquidator held a meeting of contributories on 03.09.2020. The

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## Issues and analysis

### Issue 1: Whether the Voluntary Liquidator has complied with the statutory provisions of 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 court examined the application and documents on record, noting that the Liquidator

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**Interpretation:** The statutory provisions require the liquidator to follow a prescribed process,

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**Application:** The court found that the Liquidator had complied with all the requirements of

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## Parties

- **Judges:** P.S.N. P…; BINOD KUMAR…
- **Respondents:** Deltron l…; Registrar of…

## Timeline

- **1982-06-10 — Incorporation of…**: Deltron Limited was incorporated under the…
- **2019-07-23 — Board Resolution for…**: The Board of Directors of Deltron Limited…

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