# In the matter of SSB Polymers Limited

> NCLT judgment dated 2024-01-10. Citation: TCN-2024-NCLT-03198. The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 10 Jan 2024
- **Citation:** TCN-2024-NCLT-03198
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ssb-polymers-limited-98178c68

## Summary

### Background

The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, by SSB Polymers Limited through its Liquidator, Ms. Maya Gupta, seeking dissolution of the Corporate Person after initiating voluntary liquidation proceedings. The Corporate Person complied with the necessary formalities and procedures for liquidation as per the law.

## Facts

SSB Polymers Limited initiated voluntary liquidation proceedings under the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 28.06.2012 under the Companies Act, 1956. The authorized and paid-up share capital of the company is Rs. 5,00,000/-. The company's directors, Mr. Lunkaran Mahaveer Prasad Kyal, Mr. Vijaylakshmi Poddar, and Mr. Vikas Murari Poddar, declared that the company has no debts and is not being liquidated to defraud anyone. The members of the company passed a special resolution on 20.10.2020 to liquidate the company voluntarily and appointed Ms. Maya Gupta as the Liquidator. The Liquidator made a public announcement of the commencement of liquidation and submitted a preliminary report stating that the company is not doing any business

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## Issues and analysis

### Issue 1: Whether the Corporate Person, SSB Polymers Limited, should be dissolved under Section 59 of the …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, allows for the voluntary

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**Reasoning:** The Tribunal considered the submissions made by the Liquidator, the documents annexed to

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**Interpretation:** Section 59 provides a mechanism for a solvent corporate person to voluntarily

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**Application:** The Tribunal applied Section 59 to the facts of the case, noting that SSB

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## Parties

- **Judges:** Prabhat…; V. G. Bisht…
- **Respondents:** SSB Polymers…

## Timeline

- **2012-06-28 — Company Incor…**: SSB Polymers Limited was…
- **2020-10-20 — Special Res…**: Members of the Company passed a Special Resolution to liquidate the Company voluntarily…

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