# in the matter of Walia Trexim Pvt. Ltd.

> NCLT judgment dated 2024-01-05. Citation: TCN-2024-NCLT-03298. The application was filed by the Liquidator under section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 5 Jan 2024
- **Citation:** TCN-2024-NCLT-03298
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/walia-trexim-pvt-ltd-5a375a16

## Summary

### Background

The application was filed by the Liquidator under section 59 of the Insolvency and Bankruptcy Code, 2016, seeking dissolution of M/s Walia Trexim Private Limited. The company was incorporated on 20.01.2005 under the Companies Act, 1956. The directors and shareholders were not interested in continuing the business. The Board of Directors decided to liquidate the Company voluntarily under section 59 of the IBC, 2016. An extra-ordinary general meeting was held on 28.01.2022, and a special resolution for voluntary liquidation was passed, appointing Mr. Amit Agrawal as the Liquidator.

## Facts

M/s. Walia Trexim Pvt. Ltd. sought voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 20.01.2005. The directors and shareholders, holding 100% equity, were no longer interested in continuing the business. A Board meeting on 07.01.2022 resolved to liquidate the company. Ms. Reena Dhawan and Mr. Sunil Ahluwalia, directors, made a Declaration of Solvency on 07.01.2022. An extra-ordinary general meeting on 28.01.2022 passed a special resolution for voluntary liquidation, appointing Mr. Amit Agrawal as Liquidator. The company notified the Registrar of Companies on 31.01.2022. The Liquidator made a public announcement on 31.01.2022. The Liquidator received a No Objection Certificate (NOC) from the Income Tax

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## Issues and analysis

### Issue 1: Whether the application for dissolution of M/s Walia Trexim Private Limited under Section 59(7) of …

**Ratio:** Section 59(7) of the Insolvency and Bankruptcy Code, 2016, allows for the dissolution of

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**Reasoning:** The Tribunal considered the application, the report from the Registrar of Companies

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**Interpretation:** Section 59(7) provides the legal basis for dissolving a company that has

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**Application:** The Tribunal applied Section 59(7) to the facts of the case, noting that the

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; RAHUL BHA…
- **Respondents:** M/s. Walia Trexim…; The Registrar of…

## Timeline

- **2005-01-20 — Company Incor…**: M/s Walia Trexim Private Limited was…
- **2022-01-07 — Board Meeting…**: The Board of Directors decided to liquidate the Company voluntarily under section 59 of…

## 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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