Authority: National Company Law Tribunal, New Delhi Principal Bench

Order Date: 09.06.2026

Case Overview

The National Company Law Tribunal (NCLT) heard a matter concerning Centrepiece Business Solutions Private Limited, which is undergoing voluntary liquidation proceedings under Section 59 of the Insolvency and Bankruptcy Code, 2016. The tribunal, comprising Justice Anupinder Singh Grewal (Hon'ble President) and Shri Ravindra Chaturvedi (Hon'ble Member Technical), conducted a hybrid hearing with representation from the petitioner's legal counsel including Mr. Lokesh Dhyani, Ms. Ashima Jain, Mr. Sourabh Gupta, and Mr. Hardev Singh, Advocates.

The order focuses on ensuring compliance with voluntary liquidation procedures under IBC regulations. The tribunal directed the applicant to prepare a comprehensive gist of the matter according to a detailed 16-point checklist covering various statutory requirements under Section 59 and associated regulations.

Key Compliance Requirements Directed

The tribunal mandated submission of:

  • Declaration by way of affidavit from majority of directors (Section 59(3)(a) with Regulation 3(4))
  • Audited financial statements and business operation records for previous two years (Section 59(3)(b)(i))
  • Valuation report (Section 59(3)(b)(ii))
  • Special resolution for voluntary liquidation and IP appointment within 4 weeks from declaration
  • Creditor approval (2/3rd in value) if any, within 7 days from resolution date
  • Intimation to Registrar of Companies and IBBI within 7 days from resolution or creditor approval
  • Proof of public announcement in 'Form - A' within 5 days from appointment date
  • List of stakeholders for claims under Chapter V of regulations
  • Preliminary report with proof of submission to company within 45 days from Liquidation Commencement Date
  • Opening of bank account in company name followed by 'in liquidation' in scheduled bank
  • Proof of closure of all company bank accounts
  • Proof of distribution within six months from receipt of realization
  • Final report with proof of submission to RoC & IBBI
  • Completion of liquidation process within twelve months from LCD
  • Annual status report if prepared

Additionally, the tribunal directed specific affidavit requirements:

  • Declaration from director complying with Regulation 3(1)(a)(iii) and Regulation 3(1)(b)(iii) of IBBI (Voluntary Liquidation Process) Regulations, 2017
  • Copy of Income Tax Return filed for period from 1st April 2025 till commencement of liquidation
  • Copies of Income Tax Returns filed for subsequent periods

Final Outcome

The matter has been adjourned and listed for next hearing on 05.08.2026 for compliance with the directed requirements. The order was signed by both members of the bench.

Topics: Corporate Insolvency, Voluntary Liquidation, Regulatory Compliance