# In the matter of Samrat Rubbers Private Limited

> NCLT judgment dated 2024-06-28. Citation: TCN-2024-NCLT-01106. The case pertains to a Company Application filed by the Liquidator of M/s. Samrat Rubbers…

- **Court:** NCLT
- **Order date:** 28 Jun 2024
- **Citation:** TCN-2024-NCLT-01106
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/samrat-rubbers-private-limited-126a73fd

## Summary

### Background

The case pertains to a Company Application filed by the Liquidator of M/s. Samrat Rubbers Private Limited for voluntary liquidation under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company's management decided to close down operations due to non-viability. A board meeting was held on 2023-10-30 to consider winding up and voluntary liquidation, followed by an Extraordinary General Body Meeting on 2023-11-20, where a resolution was passed to appoint the Applicant as liquidator. The Applicant conducted the voluntary liquidation process according to IBBI regulations.

## Facts

M/s. Samrat Rubbers Private Limited initiated voluntary liquidation due to business non-viability. The company was incorporated on 1983-08-09 under the Companies Act, 1956. A board meeting was held on 2023-10-30 to consider voluntary liquidation, and an Extraordinary General Body Meeting was held on 2023-11-20 to appoint a liquidator. The liquidator followed the IBBI (Voluntary Liquidation Process) Regulations, 2017. The authorized share capital was INR 5,00,000, and the issued, subscribed, and paid-up share capital was INR 3,60,000. The company's main object was to manufacture and deal in rubber products. The liquidator stated that there was 'NIL' realization from the voluntary liquidation process and that no claims were received. The liquidator distributed the funds

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of M/s. Samrat Rubbers Private Limited was conducted in …

**Ratio:** Section 59 of the IBC, 2016, and the IBBI (Voluntary Liquidation Process) Regulations,

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**Reasoning:** The court examined the submissions made by the Applicant's counsel and the documents

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**Interpretation:** The interpretation of Section 59 and the IBBI regulations involves ensuring

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**Application:** The court verified that the Applicant had conducted the voluntary liquidation

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Liquidator of M/s…
- **Respondents:** Samrat Rubbers…

## Timeline

- **1983-08-09 — Company Incor…**: The Applicant Company was incorporated under…
- **2023-10-30 — Board Me…**: Board Meeting held to consider winding up…

## 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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