# In the matter of IL&FS Broking Services Private
Limited CP(IB)-1363-MB-2020

> NCLT judgment dated 2023-03-17. Citation: TCN-2023-NCLT-04198. The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 17 Mar 2023
- **Citation:** TCN-2023-NCLT-04198
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ilfs-broking-services-private-limited-cpib-1363-mb-2020-19130e6d

## Summary

### Background

The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, for the voluntary liquidation of IL & FS Broking Services Private Limited. The company was incorporated in 2009 and ceased business operations, earning only income from investments. The Board of Directors resolved to voluntarily liquidate the company in November 2018. The company directors declared that the company had no debts and was not being liquidated to defraud anyone. A special resolution was passed in December 2018 to liquidate the company and appoint a liquidator. The liquidator made a public announcement inviting claims and received only one claim within the statutory period. The liquidator also notified the Registrar of Companies and IBBI about the

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## Facts

IL & FS Broking Services Private Limited (CIN: U67120MH2009PTC191131) was incorporated on 23.03.2009 under the Companies Act, 1956. The company's authorized share capital was Rs. 1,50,00,000, and its issued, subscribed, and paid-up share capital was Rs. 25,25,000. The company ceased business operations and earned only income from investments. On 30.11.2018, the Board of Directors resolved to voluntarily liquidate the company. The directors declared that the company had no debts and was not being liquidated to defraud anyone. On 07.12.2018, a special resolution was passed to liquidate the company and appoint Mr. Vinod Kumar Kothari as the liquidator. The liquidator made a public announcement on 11.12.2018 inviting claims and received only one claim. The liquidator

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## Issues and analysis

### Issue 1: Whether the company's affairs have been completely wound up and its assets completely liquidated, …

**Ratio:** Section 59(7) of the Insolvency and Bankruptcy Code (IBC) allows the Tribunal to pass an

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**Reasoning:** The Tribunal examined the submissions made by the liquidator and the documents annexed to

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**Interpretation:** Section 59(7) of the IBC provides the legal basis for the dissolution of a

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**Application:** In this case, the liquidator submitted that the company's affairs had been

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Respondents:** IL & FS Broking…

## Timeline

- **2009-03-23 — Company Incor…**: IL & FS Broking Services Private Limited was…
- **2018-11-30 — Board Resolution for…**: The Board of Directors resolved to…

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