Authority: National Company Law Tribunal, Mumbai Bench (Court-IV)

Order Date: 07.07.2026

Case Overview

The application was filed by Mr. Hitesh Kothari, Liquidator of Mahavir Metal Works Private Limited (CIN: U74899MH1968PTC323075), under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. The company was incorporated on 24.06.1968 and had its registered office at B-101, Floor-10, Plot-85, B, Maker Tower, G D Somani Marg, World Trade Center, Cuffe Parade, Mumbai - 400005, engaged in metal business.

Due to non-availability of business and future prospects, the Board of Directors recommended voluntary liquidation on 14.12.2023, declaring the company could pay all dues from asset proceeds. Shareholders passed a special resolution for voluntary liquidation on 06.01.2024 (liquidation commencement date) and appointed Mr. Kothari as Liquidator. The company had no debt payable to creditors as of the commencement date.

The liquidation process included: public announcement published in Financial Express (English) and Navshakti (Marathi) newspapers on 10.01.2024; intimation to Income Tax Authority which issued a No Dues Certificate on 04.03.2025; settlement of EPFO claim of ₹64,811 on 20.03.2025 via demand draft; closure of HDFC Bank account (No. 50200024018825) on 03.05.2025; and closure of Axis Bank liquidation account (No. 924020033697702) on 28.05.2025 after discharging all statutory dues, professional fees, and expenses with no surplus for shareholders. The final report was submitted to RoC in eform GNL-2 on 11.08.2025.

The Liquidator confirmed no remaining assets, liabilities, or pending litigation; all compliances under IBC and Companies Act completed; no pending statutory dues; and final accounts submitted. RoC Mumbai reports dated 24.10.2025 and 21.01.2026 noted the company was not conducting business, had negative net worth, with opening balance of ₹20,382 and ₹1,08,90,363 deposited during the process.

Final Outcome

The NCLT allowed the application and ordered dissolution of Mahavir Metal Works Private Limited under Section 59(8) of the Code. The company stands dissolved from the date of the order. The Liquidator must submit the order to RoC, Income Tax Department, and IBBI within 14 days, and to all other statutory authorities. The Liquidator must also prepare and submit reports and maintain registers as per Regulations 8 and 10 of the Voluntary Liquidation Process Regulations.

Topics: Voluntary Liquidation, Corporate Dissolution, NCLT Order