# In the matter of R S Earthmovers Private Limited

> NCLT judgment dated 2022-07-04. Citation: TCN-2022-NCLT-01888. The case pertains to an application filed by the Voluntary Liquidator, Mr. Mast Ram, appointed…

- **Court:** NCLT
- **Order date:** 4 Jul 2022
- **Citation:** TCN-2022-NCLT-01888
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/r-s-earthmovers-private-limited-01846272

## Summary

### Background

The case pertains to an application filed by the Voluntary Liquidator, Mr. Mast Ram, appointed by M/s. RS Earthmovers Private Limited at its Extraordinary General Meeting on 31.07.2017, seeking dissolution of the company under Section 59 of the Insolvency and Bankruptcy Code, 2016, read with the IBBI (Voluntary Liquidation Process) Regulations, 2017. The company was incorporated on 22.09.2004, with the objective of coal loading, coal transportation, and allied materials. The registered office is located in Delhi.

## Facts

M/s. RS Earthmovers Private Limited initiated voluntary liquidation proceedings. The company's Board of Directors resolved to liquidate on 29.06.2017, followed by a shareholder resolution on 31.07.2017. Mr. Mast Ram was appointed as the liquidator. The company notified relevant authorities and filed a declaration of solvency. The company had no creditors at the commencement of liquidation. The liquidator distributed proceeds to stakeholders and closed the liquidation bank account on 09.07.2021. A final report was submitted on 15.09.2021. The company's objective was coal loading and transportation. The company was incorporated on 22.09.2004 under the Companies Act, 1956.

## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of M/s. RS Earthmovers Private Limited has been conducted …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, and the IBBI (Voluntary

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**Reasoning:** The court examined the various steps taken by the company and the liquidator, including

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**Interpretation:** Section 59 and the IBBI Regulations are interpreted to require strict adherence

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**Application:** The court applied the provisions of Section 59 and the IBBI Regulations to the

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## Parties

- **Judges:** P.S.N. P…; RAHUL BHA…
- **Respondents:** M/s. RS Earthmover…
- **Advocates:** Rakesh…

## Timeline

- **2004-09-22 — Company Incor…**: M/s. RS Earthmovers Private Limited was…
- **2017-06-29 — Board Reso…**: The Board of Directors passed a resolution to…

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