# In the matter of NBCC International Limited Company Petition No. (IB)-57(ND)-2023

> NCLT judgment dated 2023-07-05. Citation: TCN-2023-NCLT-05361. The present Company Petition (IB)-57(ND)/2023 was filed by the Applicant/Voluntary Liquidator…

- **Court:** NCLT
- **Order date:** 5 Jul 2023
- **Citation:** TCN-2023-NCLT-05361
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/nbcc-international-limited-company-petition-no-ib-57nd-2023-9a1d1ac1

## Summary

### Background

The present Company Petition (IB)-57(ND)/2023 was filed by the Applicant/Voluntary Liquidator under Section 59(7) of the IBC, 2016 read with Insolvency Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, seeking dissolution of the Corporate Person, NBCC International Limited.

## Facts

NBCC International Limited initiated voluntary liquidation by passing a Special Resolution in the AGM held on 26.09.2022.

Ms. Monika Aggarwal was appointed as the Voluntary Liquidator in the AGM.

The company filed Declarations of Solvency by the Directors as required under Section 59(3) of IBC, 2016.

Public announcement for voluntary liquidation was issued in “Form A” on 30.09.2022.

The Applicant submitted the Final Report dated 24.12.2022 in compliance with Regulation 38 of VLP Regulations.

The ROC filed its report on 27.04.2022 and did not raise any objection.

All liabilities of the Company were paid off, and the residual amount was distributed amongst stakeholders.

## Issues and analysis

### Issue 1: Whether the affairs of the Corporate …

**Ratio:** Based on the examination of the Application, documents annexed therewith, and the

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**Reasoning:** The documents and submissions indicated that the company had completed all necessary

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**Interpretation:** The court interpreted the evidence as demonstrating a complete winding up of

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**Application:** The court applied this finding to support

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## Parties

- **Judges:** Sh. Ashok Kumar…; L. N. G…
- **Appellants:** Monika Ag…
- **Respondents:** NBCC International…; Registrar of…; +1 more
- **Other parties:** Rajendra Ch…; Yogesh S…; +2 more
- **Advocates:** Varun…

## Timeline

- **2022-09-26 — Special Res…**: Special Resolution passed in the Annual General…
- **2022-09-26 — Appointment of…**: Ms. Monika Aggarwal appointed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59(7) — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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