# In the matter of Sterling Fabory India Private Limited IB-308-ND-2023

> NCLT judgment dated 2023-06-16. Citation: TCN-2023-NCLT-05446. Sterling Fabory India Private Limited filed an application under Section 59 of the Insolvency…

- **Court:** NCLT
- **Order date:** 16 Jun 2023
- **Citation:** TCN-2023-NCLT-05446
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/sterling-fabory-india-private-limited-ib-308-nd-2023-40b5ccd5

## Summary

### Background

Sterling Fabory India Private Limited filed an application under Section 59 of the Insolvency and Bankruptcy Code, 2016, for voluntary liquidation. The company was incorporated on 09.03.2010 and ceased business operations in November 2021. The Board of Directors proposed voluntary liquidation, and the members passed a special resolution on 31.12.2021.

## Facts

Sterling Fabory India Private Limited was incorporated on 09.03.2010 under the Companies Act, 1956.

The company ceased business operations in November 2021 due to a lack of business opportunities.

The Board of Directors proposed voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016.

A special resolution was passed on 31.12.2021 to liquidate the company.

Mr. Chetan Gupta was appointed as the Liquidator.

The company has no creditors as of June 03, 2022.

The Registrar of Companies of NCT of Delhi and Haryana and the Insolvency and Bankruptcy Board of India were notified within the prescribed time.

The Liquidator published a notification in the newspaper.

The company prepared and filed a Declaration of Solvency.

…

## Issues and analysis

### Issue 1: Whether the application for voluntary liquidation under Section 59 of the Insolvency and Bankruptcy …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, allows for voluntary liquidation

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**Reasoning:** The company has met the requirements of Section 59, including passing a special

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**Interpretation:** The Adjudicating Authority has the power to order the dissolution of the

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**Application:** The Adjudicating Authority, in the exercise of the power conferred to it under

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; RAHUL BHA…
- **Appellants:** Sterling Fabory…
- **Respondents:** Sterling Fabory…
- **Other parties:** Anil Agg…; Atul Agg…; +3 more

## Timeline

- **2010-03-09 — Incorpor…**: Sterling Fabory India Private…
- **2021-11-01 — Business Ce…**: The Applicant Company is not carrying any business since November 2021 due to no business…

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