# In the matter of SIpal Engineering Private Limited (IB)-220(ND)2022

> NCLT judgment dated 2022-07-18. Citation: TCN-2022-NCLT-04579. The case pertains to the voluntary liquidation of Sipal Engineering Private Limited under…

- **Court:** NCLT
- **Order date:** 18 Jul 2022
- **Citation:** TCN-2022-NCLT-04579
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/sipal-engineering-private-limited-ib-220nd2022-95b98f15

## Summary

### Background

The case pertains to the voluntary liquidation of Sipal Engineering Private Limited under Section 59 of the IBC, 2016, read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017.

## Facts

Sipal Engineering Private Limited initiated voluntary liquidation by passing a special resolution on 09.07.2021.

Atul Mittal was appointed as the liquidator of Sipal Engineering Private Limited.

The directors of Sipal Engineering Private Limited declared the company's solvency.

The liquidator issued a public announcement for voluntary liquidation.

The liquidator received claims from Sipal Technologies India Private Limited and Lumax Integrated Ventures Private Limited.

The liquidator informed the Income Tax Officer about the voluntary liquidation process and surrendered the PAN of the company.

The liquidator opened a bank account for liquidation proceedings.

The liquidator submitted preliminary and final reports as per IBBI regulations.

…

## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Sipal Engineering Private Limited was conducted in …

**Ratio:** Section 59 of the IBC, 2016 and the Insolvency and Bankruptcy Board of India (Voluntary

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**Reasoning:** The applicant/liquidator followed the prescribed procedures, including passing a special

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**Interpretation:** The voluntary liquidation process was deemed compliant with the legal

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**Application:** The bench considered the steps taken by the liquidator and found them to be in

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## Parties

- **Judges:** DHARMINDER…; L. N. G…
- **Appellants:** M/s. Sipal…
- **Respondents:** Sipal Engineering…; THE REGISTRAR OF…
- **Other parties:** Sanjay…; Girish…; +1 more
- **Advocates:** Amit…

## Timeline

- **2021-07-09 — Special Res…**: Special Resolution passed…
- **2021-07-09 — Appointment of…**: Mr. Atul Mittal…

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