NCLT Delhi Orders Dissolution Of M/S. Rajiv Sachdeva Cargo Agency Private Limited

Udai Yashvir Singh

22 March 2023 6:30 AM GMT

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  • NCLT Delhi Orders Dissolution Of M/S. Rajiv Sachdeva Cargo Agency Private Limited

    NCLT Delhi Bench comprising of Shri Bachu Venkat Balram Das (Judicial Member) and Shri Rahul Bhatnagar (Technical Member) has ordered the dissolution of M/s. Rajiv Sachdeva Cargo Agency Private Limited (‘Company’) under Section 59 of Insolvency and Bankruptcy Code, 2016 read with Regulation 38(3) of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation...

    NCLT Delhi Bench comprising of Shri Bachu Venkat Balram Das (Judicial Member) and Shri Rahul Bhatnagar (Technical Member) has ordered the dissolution of M/s. Rajiv Sachdeva Cargo Agency Private Limited (‘Company’) under Section 59 of Insolvency and Bankruptcy Code, 2016 read with Regulation 38(3) of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017

    The Board of Directors passed a resolution dated 21.08.2019 for voluntary liquidation of the Company. A special resolution was passed for voluntary liquidation and an Insolvency Professional was appointed at the Extra Ordinary General Meeting held on 28.08.2019. There were no operations/activities of the Company. The Registrar of Companies was notified within 7 days and the notifications were published in various newspapers. No claims were received against the Company. The existing bank accounts of the Company were closed and a separate Bank Account under the name of Liquidation Account was opened by the Liquidator.

    The proceeds of realization were distributed to the stakeholders and all the liabilities of the Company were discharged. It was submitted before the Tribunal that no other assets of the Company were left to be realized and the bank balance in the Liquidation Account was utilized in discharging the dues of the stakeholders. Thus the Liquidation Account was closed on 7.01.2022.

    The report of the Registrar of Companies was filed on 12.08.2022 and the Registrar of Companies stated that it has ‘no objection’ vide a daily order dated 5.12.2022.

    The Tribunal being satisfied that there is no legal impediment and allowed the application of the Liquidation.

    Case No.IB-307/ND/2022

    Case Name: In the matter of M/s. Rajiv Sachdeva Cargo Agency Private Limited (through Liquidator Mr. Naveen Narang)

    Counsel for the Applicant : Ashutosh Gupta, Gaurav Rana, Ajitesh Kumar & Yatharth Jain, Advocates

    Click Here To Read/Download Order

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