# In the matter of Klass Traders Private Limited

> NCLT judgment dated 2024-06-13. Citation: TCN-2024-NCLT-01163. The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 13 Jun 2024
- **Citation:** TCN-2024-NCLT-01163
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/klass-traders-private-limited-b67d8794

## Summary

### Background

The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking voluntary liquidation of Klass Traders Private Limited. The company, incorporated in 1988, initiated voluntary liquidation proceedings after its Board of Directors resolved to do so on 20/11/2023, filing a Declaration of Solvency. The company complied with the necessary formalities and procedures as per law.

## Facts

Klass Traders Private Limited, incorporated in 1988, filed a petition for voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company's authorized share capital was Rs. 50,00,000, and the issued, subscribed, and paid-up share capital was Rs. 45,00,000. The company's main object was to deal in bricks, sand stone, and marble. The Board of Directors resolved to voluntarily liquidate the company on 20/11/2023, as the company was not carrying on any business. The directors declared on affidavit that the company could pay its debts in full and was not being liquidated to defraud anyone. A special resolution to liquidate the company was passed on 12.12.2023, and Mr. Pranab Kumar Chakrabarty was appointed as the voluntary liquidator. Public

…

## Issues and analysis

### Issue 1: Whether the Corporate Person, Klass Traders Private Limited, deserves to be dissolved under Section …

**Ratio:** Section 59(7) of the IBC allows the Tribunal to pass an order for the dissolution of the

…

**Reasoning:** The Tribunal examined the submissions made by the Ld. Authorised Representative appearing

…

**Interpretation:** Section 59 of the IBC provides a mechanism for voluntary liquidation of a

…

**Application:** In this case, the Liquidator submitted that the affairs of the Corporate Person

…

## Parties

- **Judges:** Smt Bidisha…; Balraj…
- **Respondents:** Klass Traders…

## Timeline

- **1988-01-01 — Incorporation o…**: Klass Traders Private Limited incorporated…
- **2023-11-20 — Board Resolution for…**: The Board of Directors (BOD) of the Corporate Person resolved to Voluntarily Liquidate…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/klass-traders-private-limited-b67d8794