The National Company Law Tribunal in the case M/s. Rajiv Sachdeva Cargo Agency Private Limited (through Mr. Naveen Narang, the Liquidator), wherein the bench comprising of Judicial Member, Shri Bachu Venkat Balram Das and the Technical Member, Shri Rahul Bhatnagar in the case observed and has ordered the dissolution of M/s. Rajiv Sachdeva Cargo Agency Private Limited under Section 59 of Insolvency and Bankruptcy Code, 2016 reading with the Regulation 38(3) of the Insolvency and Bankruptcy Board of India (the Voluntary Liquidation Process) Regulations, 2017.
The resolution has been passed by the Board of Directors dated 21.08.2019 for voluntary liquidation of the Company. Thus, the special resolution was also being passed for voluntary liquidation and an Insolvency Professional was also being appointed on 28.08.2019 at the Extra Ordinary General Meeting. There being no operations or activities of the Company and the Registrar of Companies was notified within 7 days and the notifications were also being published in the various newspapers. No claims were being received against the Company, the existing bank accounts of the Company were also being closed and a separate Bank Account under the name of Liquidation Account was opened by the Liquidator.
However, the bench in the case observed and has distributed the proceeds of realization to the stakeholders and for all the liabilities of the Company which are to be discharged. It was also being submitted before the Tribunal that no other assets of the Company were left in order to realized and the bank balance in the Liquidation Account was being utilized wherein discharging the dues of the stakeholders. On 07.01.2022., the liquidation Account was being closed.
The report was being filed of the registrar company on 12.08.2022 and it has been stated by the Registrar of Companies that it has no objection’ vide a daily order dated 5.12.2022.
The Tribunal in the case was also being satisfied that there is no legal impediment.
Accordingly, the bench allowed the application of the Liquidation.
