The National Company Law Tribunal in the case M/s Pillar Industries India Private Limited, wherein the Chennai bench comprising of Judicial Member, Ashok Kumar Bharadwaj and the Technical Member, Sameer Kakar in the case observed and has ordered for the dissolution of the company, M/s Pillar Industries India Private Limited under section 59 of Insolvency and Bankruptcy Code, 2016.
Therefore, petition was moved before the NCLT Chennai bench by the company through its Liquidator for initiation of the voluntary liquidation proceedings
In the present case, the company on March 11, 2020 was incorporated but the company was not able to commence business operations due to COVID-19 pandemic. Therefore, there being two directors of the company who had infused capital in the company and had given a declaration of solvency dated August 16, 2021. Thus, the company has no debt and the assets of the Company amounted to Rs. 8,86,42,273.
The bench observed that the public announcements were made for the commencement of liquidation proceedings and for the invitation of claims. Thus, no claims were received against the Company and the company did not have any creditors. It has also been submitted by the Liquidator the Preliminary report dated September 20, 2021 under the Regulation 9(1) of IBBI (Voluntary Liquidation Process) Regulation, 2017. Therefore, the final report under Regulation 25 of The Regulations, 2017 was also being filed before the Registrar of Companies and before the Insolvency and Bankruptcy Board of India.
The National Company Law Tribunal in the case observed and has approved the Dissolution application wherein it has been satisfied that the same being in compliance of Insolvency and Bankruptcy Code, 2016 and the Regulation, 2017.
The company, M/s Pillar Industries India Private Limited was about to commence business of manufacturing Gland packing and Gasket, Polytetrafluroethylene and Perflouroalkoxy alkane products, Mechanical seal parts and Bearing products.