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

> NCLT judgment dated 2023-07-05. Citation: TCN-2023-NCLT-05366. The present case is regarding the voluntary liquidation of NBCC International Limited under…

- **Court:** NCLT
- **Order date:** 5 Jul 2023
- **Citation:** TCN-2023-NCLT-05366
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/nbcc-international-limited-company-petition-no-ib-57nd-2023-fd710880

## Summary

### Background

The present case is regarding the voluntary liquidation of NBCC International Limited under Section 59(7) of the IBC, 2016, read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017.

## Facts

NBCC International Limited is a company incorporated on 05.07.2017.

The company 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 directors of the company have given a declaration of solvency stating that the company will be able to pay its debts in full.

The company filed the special resolution and declarations of solvency with the ROC.

The liquidator issued a public announcement for voluntary liquidation in newspapers on 30.09.2022.

The liquidator submitted a preliminary report to the company on 10.11.2022 and a final report on 24.12.2022.

The company opened a bank account for the purpose of realizations and payments during the period of liquidation.

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of NBCC International Limited has been conducted in …

**Ratio:** Section 59(7) of the IBC, 2016 read with Insolvency Bankruptcy Board of India (Voluntary

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**Reasoning:** The applicant has complied with all the necessary procedures and regulations for the

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**Interpretation:** The provisions of the IBC, 2016 and the VLP Regulations, 2017 have been duly

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**Application:** The court examined the application, documents, and submissions made by the

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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

- **2017-07-05 — Incorporati…**: NBCC International…
- **2022-09-26 — AGM Date…**: Special Resolution passed in the Annual General Meeting (AGM) of the Members of the…

## 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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