# In the matter of Rio Tinto Exploration and Mining (India) Private Limited CP (IB) No.10-Vol.-Chd-Hry-2021

> NCLT judgment dated 2022-06-30. Citation: TCN-2022-NCLT-01977. The case pertains to a Company Petition filed by the Liquidator, Mr. Arun Gupta, on behalf of…

- **Court:** NCLT
- **Order date:** 30 Jun 2022
- **Citation:** TCN-2022-NCLT-01977
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rio-tinto-exploration-and-mining-india-private-limited-cp-ib-no10-vol-chd-hry-20-63224a53

## Summary

### Background

The case pertains to a Company Petition filed by the Liquidator, Mr. Arun Gupta, on behalf of M/s Rio Tinto Exploration and Mining (India) Private Limited, seeking dissolution of the company under Section 59 of the Insolvency and Bankruptcy Code, 2016, following a voluntary liquidation process. The company, incorporated under the Companies Act, 2013, with CIN No. U14200HR2012PTC047370, initiated voluntary liquidation due to a lack of business prospects. The Board of Directors decided to liquidate the company, and a special resolution was passed in an Extra Ordinary General Meeting on 27.09.2018. Mr. Arun Gupta was appointed as the Liquidator. The company complied with the necessary regulations, including public announcements, notifications to the Registrar of Companies

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## Facts

M/s Rio Tinto Exploration and Mining (India) Private Limited, incorporated under the Companies Act, 2013, with CIN No. U14200HR2012PTC047370, initiated voluntary liquidation due to a lack of business prospects. The company's registered office is situated in Gurgaon, Haryana. The Board of Directors decided to liquidate the company, and a special resolution was passed in an Extra Ordinary General Meeting on 27.09.2018. Mr. Arun Gupta was appointed as the Liquidator. The company complied with Section 59(3) of the Code by filing a declaration signed by the Board of Directors stating that a full enquiry into the affairs of the company has been done and the company has no debts. The directors also submitted a Declaration of Solvency dated 03.09.2018. The liquidator published

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## Issues and analysis

### Issue 1: Whether the applicant company, M/s Rio Tinto Exploration and Mining (India) Private Limited, has …

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

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**Reasoning:** The court examined the records and found that the company had complied with the necessary

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**Interpretation:** Section 59 of the IBC and related regulations are interpreted to ensure that

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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:** Harnam Singh…; SUBRATA KUM…
- **Respondents:** M/s Rio Tinto…; Registrar of…

## Timeline

- **2018-09-03 — Declaration of…**: Directors of the applicant company submitted the Declaration of Solvency by way of…
- **2018-09-27 — Extra Ordinary General…**: An Extra Ordinary General Meeting was convened to pass a special resolution to…

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