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NCLT Chennai orders the dissolution of M/S Pillar Industries India Private Limited Under Section 59 of the IBC

Under section 59 of the Insolvency and Bankruptcy Code, 2016 (the “IBC, 2016”), the NCLT Chennai bench, composed of Ashok Kumar Bharadwaj (Judicial Member) and Sameer Kakar (Technical Member), has directed that M/s Pillar Industries India Private Limited (“the Company”) be dissolved. Through its liquidator, the Company petitioned NCLT Chennai to begin the voluntary liquidation process. Regulation 9(1) of IBBI (Voluntary Liquidation Process) Regulation, 2017 The company was established on March 11, 2020, but the COVID-19 epidemic prevented it from opening for business. The firm had two directors who invested funds in it and issued a declaration of solvency dated 16.08.2021. The Company’s assets were at Rs. 8,86,42,273 and it had no debts. Public notifications regarding the start of the liquidation process and the inviting of claims were made. The Company had no creditors and no claims were made against it. According to Regulation 9(1) of IBBI (Voluntary Liquidation Process) Regulation, 2017 (“The Regulations, 2017”), the Liquidator submitted the Preliminary Report dated September 20, 2021. Additionally, the Final Report pursuant to Regulation 25 of The Regulations, 2017 was submitted to the Insolvency and Bankruptcy Board of India and the Registrar of Companies. Other Legal News The NCLT allowed the dissolution application after ascertaining that it complied with both the 2017 regulations and the 2016 IBC. The manufacturing of gland packing and gaskets, polytetrafluroethylene and perfluoroalkoxy alkane products, mechanical seal parts and bearing goods was to be the first line of business for M/s Pillar Industries India Private Limited. the case […]