In the matter of Deepak Woollens Private Limited
- CitationCP(IB)/24(MP)2025
Ratio decidendi
The rule this decision rests on
The Adjudicating Authority may order the dissolution of a corporate person under voluntary liquidation under Section 59(8) of the Insolvency and Bankruptcy Code, 2016, where, on the liquidator's application under Section 59(7), it is satisfied from the record that the affairs of the company have been completely wound up, its assets wholly liquidated, and the required compliances under Section 59 and the Voluntary Liquidation Process Regulations, 2017 fulfilled, in which event the company stands dissolved from the date of the order and the liquidator stands discharged.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
ORDER (Hybrid Mode) The case is fixed for pronouncement of the order. The order is pronounced in open Court vide separate sheet.
Sd/- Sd/- SANJEEV KUMAR SHARMA SHAMMI KHAN MEMBER (TECHNICAL) MEMBER (JUDICIAL) Neeraj
BEFORE THE ADJUDICATING AUTHORITY INDORE SPECIAL BENCH AT INDORE CP(IB) 24 (MP) OF 2025 [Application under Section 59 of the Insolvency and Bankruptcy Code, 2016 read with Regulation 38(3) of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 for dissolution of the Corporate Person] In the matter of M/s Deepak Woolens Private Limited
Navin Khandelwal Liquidator of M/s Deepak Woolens Private Limited (Under Voluntary Liquidation) 0/7, H.I.G., Choti Khajrani Nanda Nagar Indore, MP-452011 Email: liquidation.deepak@gmail.com … Liquidator / Applicant
Order Pronounced on 17.06.2025
C O R A M:
SH. SHAMMI KHAN, MEMBER (JUDICIAL) SH. SANJEEV KUMAR SHARMA, MEMBER (TECHNICAL)
A P P E A R A N C E:
For Applicant : Mr. Navin Khandelwal, PCA For the Income Tax Department: Mr. Harsh Parashar, Adv.
CP( IB) 24 of 2025 Deepak Woolens Private Limited
O R D E R
1. This is a Company Application filed by the Liquidator, Mr. Navin Khandelwal, in relation to the voluntary liquidation of M/s. Deepak Woolens Private Limited, under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “IBC, 2016”), seeking the dissolution of the Company.
2. The Applicant Company was incorporated on 12.08.1976 under the provisions of the Companies Act, 1956. The main object of the Company is to carry on the business of preparation and spinning of textile fiber including weaving of textiles. The details of the main objects are set out in the Memorandum of Association, which is filed along with the petition.
3. It is stated in the Petition that the company does not have any viable future projects nor does it have any long-term resources; therefore, the shareholders and Directors of the Company have unanimously agreed
CP( IB) 24 of 2025 to wind up the affairs of the company. Hence, EGM was held on 28.12.2024 wherein a Special Resolution was passed to liquidate the affairs of the company voluntarily and also appointed Mr. Navin Khandelwal to act as liquidator for conducting the voluntary liquidation process in relation to the Company under Section 59 of IBC, 2016.
4. It was submitted that the Applicant herein has conducted the Voluntary Liquidation process in respect of the Company in Liquidation in accordance with the IBBI (Voluntary Liquidation Process) Regulations, 2017. The details of the relevant compliances as mandated under Section 59 of the IBC, 2016 read with the IBBI (Voluntary Liquidation Process) Regulations, 2017 are listed hereunder:
Sr COMPLIANCE AVERMENTS PAGE NO. IN THE APPLICATION Board Meeting approving 52-56 voluntary liquidation and notice 1 Sec. 59 (3) for Extraordinary General Meeting dated 23.12.2024 Sec 59 (3) EGM dated 28.12.2024 2 (c) approving the voluntary 57-76 CP( IB) 24 of 2025
And Reg 3 (1) liquidation (c) 3 Section 59 Declaration of solvency filed 77-91 (4) with the ROC in and Reg 3 Form (2) GNL-2 dated 18.12.2024 Special Resolution for voluntary Section 59 liquidation 4 (4) passed by shareholders in EGM 57-76 and Reg 3 vide Form MGT-14 dated 28.12.2024 Form A Public 92-94 Regulation Announcement in English and 5 14 Hindi newspapers dated 02.01.2025 and intimation to IBBI 6 Section 178 Intimation to the Income 101-104 of Tax Department and request IT Act, for NOC dated 04.01.2025 1961 7 Reg 9 Date of filing of preliminary 105-115 report dated 11.02.2025 Opening of Liquidation Bank 97-98 8 Reg 34 Account No. 10216831062 dated 10.02.2025 9 Reg 38 Filing Final report dated 121-128 22.03.2025 10 Reg 38 Final report in GNL-2 filed with 136-139 the ROC 11 Reg 38 Submission of Final Report to 140-141 IBBI 12 Reg 38 Form-H – Compliance certificate 129-135 13 Reg 38 (1) Audited account of the voluntary 118-120 (a) liquidation
CP( IB) 24 of 2025
5. It is submitted by the Applicant that there are no secured or unsecured creditors in the company and therefore, no claims from the creditors have been received. Hence, there is no liability of the company which is to be discharged. It is further submitted that all the assets as available on the liquidation commencement date have been recovered, and the liabilities as on the date of liquidation commencement have been discharged.
6. We have heard the the Applicant/Liquidator and perused the record.
7. On examining the submissions made by the Applicant and after perusing the documents annexed to the Application, it appears that the affairs of the Company have been completely wound up. The assets of the Applicant Company have been completely liquidated, and only thereafter has the Liquidator made an application under section 59 (7) of the IBC, 2016.
CP( IB) 24 of 2025
8. We observe that the required conditions have been fulfilled, and as such, the Applicant Company deserves to be dissolved. Accordingly, in exercise of the powers conferred under Section 59(8) of IBC, 2016, we hereby order the dissolution of M/s. Deepak Woolens Private Limited and the Applicant Company shall stand dissolved from the date of this order.
9. Consequently, the Liquidator – Navin Khandelwal is discharged from his duties and responsibilities as the Liquidator.
10. The Registry and the Liquidator are directed to file a copy of this order with the Registrar of Companies, Madhya Pradesh, the Income Tax Department, and also to IBBI within fourteen (14) days from the date of this order in compliance with Section 59(7) to (9) of the Insolvency and Bankruptcy Code, 2016.
11. The Liquidator is further directed to strictly comply with Regulation 41 of the IBBI (Voluntary Liquidation Process)
CP( IB) 24 of 2025
Regulations, 2017 with regard to the preservation of records in respect of the voluntary liquidation of the Company.
12. Accordingly, CP(IB)/24(MP)2025 stands allowed and disposed of accordingly.
13. An urgent certified copy of this order, if applied for, be issued upon compliance with all requisite formalities.
Sd/- Sd/- SANJEEV KUMAR SHARMA SHAMMI KHAN MEMBER (TECHNICAL) MEMBER (JUDICIAL)
Swati
CP( IB) 24 of 2025
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