# In the matter of ITA Integrated Services Pvt. Ltd. (IB)-144-ND-2021

> NCLT judgment dated 2022-02-23. Citation: TCN-2022-NCLT-03992. The case pertains to an application filed by the Voluntary Liquidator under Section 59 of the…

- **Court:** NCLT
- **Order date:** 23 Feb 2022
- **Citation:** TCN-2022-NCLT-03992
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ita-integrated-services-pvt-ltd-ib-144-nd-2021-2ea8decc

## Summary

### Background

The case pertains to an application filed by the Voluntary Liquidator under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking the dissolution of ITA Integrated Services Private Limited. The company was incorporated on 29.02.2000 and its object was to market products in India and abroad. Prior to the application, a declaration of solvency was signed by the directors, a resolution was passed for voluntary liquidation, and the Income Tax Department and RBI were intimated. The Registrar of Companies also filed a status report.

## Facts

ITA Integrated Services Private Limited sought voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 29.02.2000 with the object of marketing products. A declaration of solvency was signed on 20.07.2020, and a resolution for voluntary liquidation was passed on 21.07.2020. Tarun Jain was appointed as the liquidator. The Income Tax Department and RBI were intimated, but no responses were received. Some outstanding income tax demands were discovered and paid. The liquidator submitted a preliminary report on 02.09.2020 and a final report on 12.02.2021. The Registrar of Companies filed a status report on 03.12.2021. The last balance sheet and annual return were filed for the financial year 2019-20. No inquiry,

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## Issues and analysis

### Issue 1: Whether the application for dissolution of ITA Integrated Services Private Limited under Section 59 …

**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 voluntary liquidator had taken the necessary steps in

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**Interpretation:** The interpretation of Section 59 and the IBBI Regulations is that they provide

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**Application:** In this case, the court applied the ratio and reasoning to the specific facts

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## Parties

- **Judges:** P.S.N. P…; AVINASH K.…
- **Respondents:** ITA INTEGRATED…; Sweety…

## Timeline

- **2000-02-29 — Company Incor…**: ITA Integrated Services…
- **2020-07-20 — Declaration of…**: Declaration of Solvency was signed…

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