# In the matter of Rajiv Sachdeva Cargo Agency Private Limited IB-307-ND-2022

> NCLT judgment dated 2023-03-10. Citation: TCN-2023-NCLT-04276. The application was filed by the Liquidator under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 10 Mar 2023
- **Citation:** TCN-2023-NCLT-04276
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rajiv-sachdeva-cargo-agency-private-limited-ib-307-nd-2022-706a9ffc

## Summary

### Background

The application was filed by the Liquidator under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking the dissolution of M/s. Rajiv Sachdeva Cargo Agency Private Limited. The company was incorporated on 10.05.1991 and was engaged in cargo agency services. The Board of Directors passed a resolution on 21.08.2019 to voluntarily liquidate the Corporate Person. Members of the Company passed a special resolution on 28.08.2019 to voluntarily liquidate the Corporate Person. Mr. Naveen Narang was appointed as the Liquidator on 28.08.2019. The Registrar of Companies of NCT of Delhi and the IBBI were notified within the prescribed time. The liquidator published a notification in the newspaper on 31.08.2019. The company filed a Declaration of Solvency along with

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## Facts

M/s. Rajiv Sachdeva Cargo Agency Private Limited sought voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 10.05.1991 and engaged in cargo agency services. On 21.08.2019, the Board of Directors resolved to voluntarily liquidate the company, followed by a special resolution by the members on 28.08.2019. Naveen Narang was appointed as the liquidator on 28.08.2019. The Registrar of Companies and IBBI were notified. A public announcement was made on 31.08.2019. A Declaration of Solvency was filed. No claims were received by 27.09.2019. Existing bank accounts were closed, and a new account was opened with Axis Bank. The Income Tax authorities were informed on 30.08.2019. The IBBI clarified that a No Objection

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## Issues and analysis

### Issue 1: Whether the application for dissolution of M/s. Rajiv Sachdeva Cargo Agency Private Limited under …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 38 of the

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**Reasoning:** The court reasoned that the liquidator had taken all necessary steps as per the IBC and

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**Interpretation:** The interpretation is that Section 59 of the IBC and the related regulations

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**Application:** In this case, the liquidator followed all the prescribed procedures, and the

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## Parties

- **Judges:** BACHU VENKAT…; RAHUL BHA…
- **Appellants:** M/s. Rajiv…
- **Respondents:** Rajiv Sachdeva…
- **Advocates:** Ashutosh…

## Timeline

- **1991-05-10 — Company Incor…**: M/s. Rajiv Sachdeva Cargo Agency…
- **2019-08-21 — Board Reso…**: The Board of Directors passed a resolution to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59 — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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