# In the matter of Rosti Technical Plastics (India) Private Limited CP-691-2020

> NCLT judgment dated 2022-02-03. Citation: TCN-2022-NCLT-04273. The case pertains to the voluntary liquidation of Rosti Technical Plastics (India) Private…

- **Court:** NCLT
- **Order date:** 3 Feb 2022
- **Citation:** TCN-2022-NCLT-04273
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rosti-technical-plastics-india-private-limited-cp-691-2020-4001c1eb

## Summary

### Background

The case pertains to the voluntary liquidation of Rosti Technical Plastics (India) Private Limited under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company's shareholders requisitioned the voluntary liquidation, and the Board of Directors approved it on 18.03.2019. The liquidator, Rabi Narayan Pal, filed a Company Application seeking the dissolution of the company. The company was incorporated on 18.06.2008 under the Companies Act, 1956. The company stated that it had no creditors and no pending litigation. An affidavit for Declaration of Solvency was filed with the ROC on 04.04.2019.

## Facts

Rosti Technical Plastics (India) Private Limited initiated voluntary liquidation under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 18.06.2008 under the Companies Act, 1956. The Board of Directors approved the voluntary liquidation on 18.03.2019 following a requisition from the shareholders. Rabi Narayan Pal was appointed as the liquidator. The company declared it had no creditors or pending litigation. An affidavit for Declaration of Solvency was filed with the ROC on 04.04.2019. The company's assets and liabilities totaled INR 3,95,425/-. The liquidator issued public announcements and notified the Income Tax authorities. The Employee Provident Fund Organisation submitted a claim, which was paid. The liquidator submitted a

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## Issues and analysis

### Issue 1: Whether the affairs of the Company have been completely wound up and the assets of the Applicant …

**Ratio:** Section 59(8) of the IBC, 2016, empowers the court to order the dissolution of a company

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**Reasoning:** The court examined the submissions made by the Learned Counsel and perused the documents

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**Interpretation:** Section 59(8) of the IBC, 2016, provides the legal basis for dissolving a

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**Application:** In this case, the court found that the liquidator had complied with all the

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## Parties

- **Judges:** JUSTICE(RETD)S.RAM…; Anil Ku…
- **Respondents:** Rosti Technical…

## Timeline

- **2008-06-18 — Company Incor…**: Rosti Technical Plastics (India) Private Limited was incorporated under the Companies…
- **2019-03-18 — Board Resolution for…**: The Board of Directors of the Company considered and approved the voluntary liquidation…

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