# In the matter of Divya Jyoti Investments Private Limited

> NCLT judgment dated 2023-10-31. Citation: TCN-2023-NCLT-00975. The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 31 Oct 2023
- **Citation:** TCN-2023-NCLT-00975
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/divya-jyoti-investments-private-limited-56ffc354

## Summary

### Background

The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, by the liquidator of Divya Jyoti Investments Private Limited, seeking the dissolution of the company. The company was incorporated in 1994 and underwent voluntary liquidation, with Manoj Kumar Anand appointed as the liquidator. The company's primary business involved financing and hire purchase. The liquidator followed the procedures outlined in the IBC and related regulations, including notifying the Registrar of Companies (ROC), publishing public announcements, and preparing financial reports.

## Facts

Divya Jyoti Investments Private Limited, incorporated on July 1, 1994, under the Companies Act, 1956, underwent voluntary liquidation. The company's main business was financing and hire purchase. Manoj Kumar Anand was appointed as the liquidator. The company passed a special resolution for voluntary liquidation on August 17, 2022. The Registrar of Companies (ROC) was notified, and public announcements were made. The majority directors declared that the company was not being liquidated to defraud anyone and that it could pay its debts in full. The Income Tax Department was notified, and no dues certificate was received. The liquidator prepared a preliminary report and re-nomenclated the bank account. Audited accounts of the liquidation were prepared. The liquidator

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## Issues and analysis

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

**Ratio:** Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 38 of the

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**Reasoning:** The court perused the documents annexed to the application and noted that the affairs of

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**Interpretation:** This means that all the company's assets have been converted into cash, and all

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**Application:** In this case, the liquidator's report and the audited accounts showed that all

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** Manoj Kumar…
- **Respondents:** Divya Jyoti…; Registrar of…

## Timeline

- **1994-07-01 — Company Incor…**: Divya Jyoti Investments Private Limited was…
- **2022-07-06 — Declaration by…**: Majority Directors made a declaration that the Company is not being liquidated to defraud…

## 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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