NCLT Chennai Orders Dissolution Of M/S Pillar Industries India Private Limited Under Section 59 Of IBC
The NCLT Chennai bench comprising of Ashok Kumar Bharadwaj (Judicial Member) and Sameer Kakar (Technical Member) has ordered for dissolution of M/s Pillar Industries India Private Limited (“the Company”) under section 59 of Insolvency and Bankruptcy Code, 2016(“IBC, 2016). The Company filed a petition before NCLT Chennai through its Liquidator for initiation of voluntary...
The NCLT Chennai bench comprising of Ashok Kumar Bharadwaj (Judicial Member) and Sameer Kakar (Technical Member) has ordered for dissolution of M/s Pillar Industries India Private Limited (“the Company”) under section 59 of Insolvency and Bankruptcy Code, 2016(“IBC, 2016). The Company filed a petition before NCLT Chennai through its Liquidator for initiation of voluntary liquidation proceedings
The Company was incorporated on 11.03.2020 but it was not able to commence business operations due to COVID-19 pandemic. There were 2 directors of the company who had infused capital in it and had given a declaration of solvency dated 16.08.2021. The assets of the Company amounted to Rs. 8,86,42,273 and the Company had no debts.
Public announcements were made for commencement of liquidation proceedings and for invitation of claims. No claims were received against The Company and it did not have any creditors. The Liquidator submitted the Preliminary Report dated 20.09.2021under Regulation 9(1) of IBBI (Voluntary Liquidation Process) Regulation, 2017 (“The Regulations, 2017”). Further the Final Report under Resulation 25 of The Regulations, 2017 was also filed before the Registrar of Companies and the Insolvency and Bankruptcy Board of India.
The NCLT approved the Dissolution application being satisfied that it was in compliance of IBC, 2016 and The Regulations, 2017.
M/s Pillar Industries India Private Limited was to commence business of manufacturing Gland packing and Gasket, Polytetrafluroethylene &Perflouroalkoxy alkane products, Mechanical seal parts and Bearing products.
Case No.
CP (IB)/ 80(CHE)/2022
Case Name
In the matter of M/s Pillar Industries India Private Limited