# In the matter of DJS Plastics and Polymers Private Limited (IB)-340-ND-2022

> NCLT judgment dated 2022-09-29. Citation: TCN-2022-NCLT-00898. The case pertains to the voluntary liquidation of M/s DJS Plastics and Polymers Private Limited…

- **Court:** NCLT
- **Order date:** 29 Sept 2022
- **Citation:** TCN-2022-NCLT-00898
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/djs-plastics-and-polymers-private-limited-ib-340-nd-2022-2fd49c47

## Summary

### Background

The case pertains to the voluntary liquidation of M/s DJS Plastics and Polymers Private Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company, incorporated on 28.08.2017, decided to voluntarily liquidate due to a lack of significant business operations in the past year. An Extra Ordinary General Meeting was held on 20.10.2020 to approve the voluntary liquidation, following a full enquiry into the company's affairs. The liquidator, Ms. Maya Gupta, was appointed and made public announcements as required by the IBBI Regulations.

## Facts

M/s DJS Plastics and Polymers Private Limited, incorporated on 28.08.2017, decided to undergo voluntary liquidation due to the absence of significant business operations for the past year. The company's registered office is located at F-113, G/F Old No. 156-C/A, East Vinod Nagar, New Delhi-110091. An Extra Ordinary General Meeting was convened on 20.10.2020, where the members approved the voluntary liquidation. Ms. Maya Gupta, an Insolvency Professional, was appointed as the liquidator. Public announcements were made on 25.10.2020, seeking claims from shareholders. The liquidator also intimated the Income Tax Authorities under Section 178 of the Income Tax Act, 1961. A bank account was opened in the name of the company in liquidation on 16.12.2020, and subsequently

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## Issues and analysis

### Issue 1: Whether the company, DJS Plastics and Polymers Private Limited, should be dissolved as per section …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, read with the IBBI (Voluntary

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**Reasoning:** The court reasoned that the company had complied with the necessary provisions of Section

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**Interpretation:** Section 59 of the IBC, 2016, provides a mechanism for a solvent company to

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**Application:** In this case, the court applied the provisions of Section 59 of the IBC, 2016,

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## Parties

- **Judges:** DHARMINDER…; BINOD KUMAR…
- **Respondents:** DJS Plastics and…

## Timeline

- **2017-08-28 — Company Incor…**: M/s DJS Plastics and Polymers…
- **2020-10-20 — EGM for Voluntary…**: An Extra Ordinary General Meeting was held to approve the Voluntary Liquidation of the…

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