# In the matter of Rama Cotton Textiles Private Limited C.P. (I.B.) NO.89-KB-2023

> NCLT judgment dated 2023-06-22. Citation: TCN-2023-NCLT-05426. The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 22 Jun 2023
- **Citation:** TCN-2023-NCLT-05426
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/rama-cotton-textiles-private-limited-cp-ib-no89-kb-2023-5cf7ab34

## Summary

### Background

The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 for the dissolution of Rama Cotton Textiles Private Limited (In Voluntary Liquidation). The application was filed by the liquidator, Mr. Birendra Kumar Tripathi, on behalf of the corporate person.

## Facts

Rama Cotton Textiles Private Limited initiated voluntary liquidation.

Birendra Kumar Tripathi was appointed as the liquidator.

The company declared solvency as of 28.02.2022.

A public announcement was made inviting claims from creditors, but no claims were received.

The liquidator submitted a final report dated 14.03.2023.

The company's assets were disposed of, and debts were discharged.

The liquidation bank account was closed.

The liquidator distributed funds among the shareholders.

The liquidator submitted the Final Report through Form GNL-2 to the RoC, West Bengal.

The Liquidator has published notice of liquidation in two newspapers inviting claims from stakeholders and in response no claims were received from any stakeholders.

## Issues and analysis

### Issue 1: Whether the voluntary liquidation process was conducted in accordance with the IBBI (Voluntary …

**Ratio:** The NCLT examined the documents submitted by the liquidator and found that the procedures

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**Reasoning:** The liquidator made a public announcement, invited claims from creditors, disposed of

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**Interpretation:** The NCLT interpreted the regulations to require the liquidator to follow

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**Application:** The NCLT applied the regulations to the facts of the case and found that the

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## Parties

- **Judges:** Rohit K…; Balraj…; +1 more
- **Appellants:** Birendra Kumar…
- **Respondents:** Rama Cotton…

## Timeline

- **2022-02-28 — Declaration of…**: Directors of Rama Cotton Textiles Private Limited filed a Declaration of Solvency with…
- **2022-03-25 — Extra Ordinary General…**: An Extra Ordinary General Meeting was held to approve the voluntary liquidation and…

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