# In the matter of Shree Fasteners Private Limited

> NCLT judgment dated 2023-12-19. Citation: TCN-2023-NCLT-00160. The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 19 Dec 2023
- **Citation:** TCN-2023-NCLT-00160
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-fasteners-private-limited-6d4b6c53

## Summary

### Background

The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 38(3) of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, for the dissolution of Shree Fasteners Private Limited. The company initiated voluntary liquidation due to non-availability of business prospects and long-term financial resources. The Board of Directors proposed voluntary liquidation in their meeting on 03.11.2021, approved the draft declaration under section 59(3) of the IBC, and convened an Extraordinary General Meeting on 12.11.2021 to consider the voluntary liquidation and appoint a liquidator.

## Facts

Shree Fasteners Private Limited, CIN: U29225GJ1985PTC007941, initiated voluntary liquidation due to a lack of business prospects and financial resources. The company's registered office is in Rajkot, Gujarat. Mr. Manish S. Buchasia was appointed as the liquidator in an Extraordinary General Meeting held on 12.11.2021, following a Board of Directors meeting on 03.11.2021. The company filed a declaration of solvency and audited financial statements with the Registrar of Companies. A public announcement was made on 17.11.2021, in compliance with Regulation 14 of the Voluntary Liquidation Process Regulations, 2017. The company had no creditors, secured or unsecured, as of 09.10.2021. The liquidator opened a bank account on 21.01.2022, and distributed the proceeds to the

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## Issues and analysis

### Issue 1: Whether the Corporate Person (Applicant Company) M/s. Shree Fasteners Private Limited having CIN: …

**Ratio:** Section 59(8) of the Insolvency and Bankruptcy Code, 2016, empowers the Adjudicating

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

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**Interpretation:** Section 59(8) provides the legal basis for the dissolution of a corporate

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**Application:** Based on the findings that the company's affairs were completely wound up and

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## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Appellants:** Manish S Bu…
- **Respondents:** Shree Fasteners…

## Timeline

- **1985-07-05 — Company Incor…**: Shree Fasteners Private Limited…
- **2021-11-03 — Board Me…**: Board of Directors…

## 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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