# In the matter of NBCC Engineering & Consultancy Limited (IB)-218(ND)2022

> NCLT judgment dated 2023-03-16. Citation: TCN-2023-NCLT-04218. The case pertains to the voluntary liquidation of NBCC Engineering & Consultancy Limited under…

- **Court:** NCLT
- **Order date:** 16 Mar 2023
- **Citation:** TCN-2023-NCLT-04218
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nbcc-engineering-consultancy-limited-ib-218nd2022-60b12826

## Summary

### Background

The case pertains to the voluntary liquidation of NBCC Engineering & Consultancy Limited under Section 59(7) of the Insolvency and Bankruptcy Code (IBC), 2016, read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. The company initiated the voluntary liquidation process by passing a special resolution in an Extra Ordinary General Meeting (EOGM) held on February 19, 2021. Ms. Monika Aggarwal was appointed as the Voluntary Liquidator.

## Facts

NBCC Engineering & Consultancy Limited initiated voluntary liquidation under Section 59(7) of the IBC, 2016. A special resolution was passed in an EOGM on February 19, 2021, to commence the process. Ms. Monika Aggarwal was appointed as the Voluntary Liquidator. Declarations of solvency were provided by the directors, stating the company could pay its debts. The company filed the special resolution with ROC in Form MGT-14. A public announcement for voluntary liquidation was issued on February 23, 2021. The company opened a bank account for liquidation purposes on February 2, 2022. Preliminary and final reports were submitted. The ROC filed its report on May 25, 2022, without objections. All liabilities were paid, and residual amounts were distributed to

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## Issues and analysis

### Issue 1: Whether the application for dissolution of NBCC Engineering & Consultancy Limited under Section …

**Ratio:** Section 59(7) of the IBC, 2016, read with the IBBI (Voluntary Liquidation Process)

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**Reasoning:** The court reasoned that the company had complied with all the necessary requirements

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**Interpretation:** Section 59(7) of the IBC, 2016, provides a mechanism for a solvent corporate

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**Application:** The court applied the provisions of Section 59(7) of the IBC, 2016, to the

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## Parties

- **Judges:** L. N. G…; BACHU VENKAT…
- **Respondents:** NBCC ENGINEERING…

## Timeline

- **2015-12-15 — Date of Incor…**: NBCC Engineering &…
- **2021-02-19 — Date of Board…**: Board meeting held for considering and approving the voluntary liquidation, declaration…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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