# In the matter of ECA Trading Services Private Limited

> NCLT judgment dated 2024-08-21. Citation: TCN-2024-NCLT-00769. The case pertains to the voluntary liquidation of M/s. ECA Trading Services Limited under…

- **Court:** NCLT
- **Order date:** 21 Aug 2024
- **Citation:** TCN-2024-NCLT-00769
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/eca-trading-services-private-limited-a87ab4d8

## Summary

### Background

The case pertains to the voluntary liquidation of M/s. ECA Trading Services Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company, originally incorporated as a stock exchange, later exited as an exchange vide SEBI exit order dated 31.12.2018. After exiting, the company attempted to revive its business but faced challenges and ultimately decided to undergo voluntary liquidation. A special resolution was passed on 18.12.2021, and Mr. Ashish Shah was appointed as the liquidator. The liquidator took steps to notify relevant authorities, make public announcements, and realize the assets of the company.

## Facts

M/s. ECA Trading Services Limited, bearing CIN: U51100GJ1956PLC000597, underwent voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was originally incorporated on 31.03.1956 and later exited as a stock exchange on 31.12.2018. Due to business challenges, the Board of Directors approved voluntary liquidation on 22.10.2021. Mr. Ashish Shah was appointed as the liquidator on 12.11.2021. A special resolution for voluntary liquidation was passed on 18.12.2021 and certified on 20.12.2021. The company notified the Registrar of Companies about the liquidation on 23.12.2021. Public announcements were made on 24.12.2021 and 25.12.2021. A preliminary report was submitted to the Corporate Person on 07.02.2022. The existing bank account

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## Issues and analysis

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

**Ratio:** Section 59(8) of the Insolvency and Bankruptcy Code, 2016, empowers the Adjudicating

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**Reasoning:** The Adjudicating Authority examined the submissions made by the Applicant and perused the

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**Interpretation:** The interpretation of Section 59(8) requires the Adjudicating Authority to

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**Application:** In this case, the Applicant (Liquidator) demonstrated that all assets were

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## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Appellants:** Ashish…
- **Respondents:** ECA Trading…

## Timeline

- **1956-03-31 — Company Incor…**: M/s. ECA Trading Services Limited…
- **2018-12-31 — SEBI Exit…**: The company exited as an…

## Legal provisions

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

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