# In the matter of Digital First Online Brands Pvt. Ltd.

> NCLT judgment dated 2023-08-24. Citation: TCN-2023-NCLT-01945. The case pertains to a Company Petition filed by Mr. Joby Chacko, the Liquidator of Digital…

- **Court:** NCLT
- **Order date:** 24 Aug 2023
- **Citation:** TCN-2023-NCLT-01945
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/digital-first-online-brands-pvt-ltd-07306b26

## Summary

### Background

The case pertains to a Company Petition filed by Mr. Joby Chacko, the Liquidator of Digital First Online Brands Pvt. Ltd., under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, seeking a direction for the dissolution of the Corporate Person/Company. Digital First Online Brands Pvt. Ltd. was incorporated on 16.02.2017 and underwent a name change on 29.12.2020. The company initiated a voluntary liquidation process, including declarations of solvency, resolutions to liquidate, and public announcements. The liquidator submitted reports, audited accounts, and managed the liquidation process, including opening and closing a bank account. The Adjudicating Authority directed the Liquidator to file provisional financial statements and clarify the settlement of claims.

## Facts

Digital First Online Brands Pvt. Ltd. was incorporated on 16.02.2017. The company's name was changed on 29.12.2020. The company's authorized capital is Rs.1,60,00,000/-, and its paid-up capital is Rs.49,60,050/-. The company's main business involves wholesale cash & carry trading of cosmetics, non-prescribed drugs, health care products, Ayurvedic and dietary supplements. The company convened a Board of Directors meeting on 07.01.2022 and approved a Declaration of Solvency. An Extra-Ordinary General Meeting was held on 10.01.2022, where a resolution was passed to voluntarily liquidate the company, and Mr. Joby Chacko was appointed as the Liquidator. Public announcements were made on 12.01.2022. The last date for submitting claims was 09.02.2022. No claims were

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## Issues and analysis

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

**Ratio:** The legal principle applied here is that if the affairs of the Corporate Person have been

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**Reasoning:** The court reasoned that according to the above discussion, the affairs of the Corporate

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**Interpretation:** This involves interpreting the factual status of the liquidation process. It

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**Application:** The court applied this principle to the specific facts of the case, noting that

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## Parties

- **Judges:** T. Krishn…; Manoj Kumar…
- **Appellants:** Joby Ch…
- **Respondents:** Digital First…
- **Advocates:** Saji P…

## Timeline

- **2017-02-16 — Company Incor…**: Digital First Online Brands…
- **2020-12-29 — Name Cha…**: The name of the Company has been changed to the present name i.e. 'Digital First Online…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59(7) — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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