# In the matter of VSN Pan Products Limited

> NCLT judgment dated 2023-07-04. Citation: TCN-2023-NCLT-02701. The case pertains to the voluntary liquidation of M/s. VSN Pan Products Limited, initiated…

- **Court:** NCLT
- **Order date:** 4 Jul 2023
- **Citation:** TCN-2023-NCLT-02701
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vsn-pan-products-limited-60194a68

## Summary

### Background

The case pertains to the voluntary liquidation of M/s. VSN Pan Products Limited, initiated under Section 59(7) of the Insolvency and Bankruptcy Code (IBC), 2016, read with the IBBI (Voluntary Liquidation Process) Regulations, 2017. The company was incorporated on 19.07.2016 and decided to wind up its affairs through voluntary liquidation, appointing Mr. Pinakin Shah as the liquidator. The liquidator followed the prescribed procedures, including submitting declarations of solvency, passing a special resolution, making public announcements, opening a bank account for liquidation purposes, and submitting preliminary and final reports.

## Facts

M/s. VSN Pan Products Limited was incorporated on 19.07.2016 with an authorized share capital of Rs. 1,00,00,000. The company's main business involved manufacturing, importing, exporting, and dealing in pan masala and related products. On 04.12.2020, the Board of Directors resolved to voluntarily liquidate the company, filing a Declaration of Solvency on 27.01.2021. A Special Resolution to liquidate the company voluntarily was passed on 01.01.2021, and Mr. Pinakin Shah was appointed as the liquidator. The commencement of liquidation was intimated to the ROC and IBBI. Public announcements were made to invite claims from stakeholders. The liquidator opened a separate bank account for liquidation purposes. The final report dated 09.04.2022 was submitted to the ROC and

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## Issues and analysis

### Issue 1: Whether the liquidator has complied with the provisions of Section 59 of the IBC, 2016, and the …

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

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**Reasoning:** The court examined the records and found that the liquidator had submitted declarations

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**Interpretation:** The provisions of Section 59 and the IBBI Regulations are interpreted to ensure

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**Application:** In this case, the liquidator followed the prescribed procedures, including

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## Parties

- **Judges:** BIDISHA BA…; Manoj Kumar…
- **Respondents:** M/s. VSN Pan…; The Registrar of…

## Timeline

- **2016-07-19 — Incorporation of the…**: M/s. VSN Pan Products…
- **2020-12-04 — Board of Directors…**: The Board of Directors decided to wind up the affairs of the Company by voluntary…

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