# In the matter of Valbrass India Private Limited

> NCLT judgment dated 2024-01-18. Citation: TCN-2024-NCLT-03007. The application was filed by Valbrass India Private Limited through the liquidator, Dhaval…

- **Court:** NCLT
- **Order date:** 18 Jan 2024
- **Citation:** TCN-2024-NCLT-03007
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/valbrass-india-private-limited-26827b5a

## Summary

### Background

The application was filed by Valbrass India Private Limited through the liquidator, Dhaval Jitendra Kumar Mistry, for the dissolution of the corporate person through voluntary liquidation under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 38 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. The company's board decided to pursue voluntary liquidation due to recurring losses and financial non-viability. A special resolution was passed in an Extra Ordinary General Meeting on 19.12.2019. Dhaval Jitendrakumar Mistry was appointed as the liquidator. The liquidator made a public announcement and received claims from operational creditors and other stakeholders, which were subsequently

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## Facts

Valbrass India Private Limited filed an application for dissolution through voluntary liquidation due to recurring losses and financial non-viability. The company was incorporated on 20.12.2006. The Board of Directors decided to go for voluntary liquidation on 05.11.2019, and a special resolution was passed on 19.12.2019. Dhaval Jitendrakumar Mistry was appointed as the liquidator. Public announcements were made to invite claims from stakeholders. The liquidator received and discharged claims from operational creditors and other stakeholders. The liquidator opened a bank account which was later closed on 22.02.2022. The Income Tax Department certified that there was no outstanding tax demand against the company. The liquidator submitted a final report on 08.03.2022. No

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## Issues and analysis

### Issue 1: Whether the application for dissolution of Valbrass India Private Limited through voluntary …

**Ratio:** Section 59(8) of the IBC, 2016 allows the court to pass an order for dissolution if it is

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**Reasoning:** The court reviewed the liquidator's report, the company's financial status, and

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**Interpretation:** Section 59(7) read with Section 59(8) of the IBC, 2016 provides a mechanism for

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**Application:** In this case, the court found that the affairs of Valbrass India Private

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Dhaval Jitendrakum…
- **Respondents:** Valbrass India…; Pravin Popatbhai…

## Timeline

- **2006-12-20 — Company Incor…**: Valbrass India Private…
- **2019-11-05 — Board Decision for…**: The Board of Directors decided to…

## 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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