Case Details

Case Name: In the matter of Panna Paper Mills Private Limited

Parties: Corporate Person - Panna Paper Mills Private Limited; Applicant - Mr. Swapnil Jain, Liquidator

Court/Authority: National Company Law Tribunal, Kolkata Bench (Court No.-II)

Case Number: C.P.(I.B.) No. 80/KB/2026

Date of Pronouncement: 22 May 2026

Period of Process: Voluntary liquidation commenced on 4 December 2025 and completed by 22 May 2026

Parties Involved

Corporate Person: Panna Paper Mills Private Limited (CIN: U21099WB1974PTC029604)

Directors: Bimal Kumar Bayanwala (DIN: 00381552), Renu Devi Bayanwala (DIN: 02004652), Ashok Bajoria (DIN: 03079939)

Liquidator: Mr. Swapnil Jain, Insolvency Professional (IBBI Registration No. IBBI/IPA-001/IP-P-02498/2021-2022/13872)

Regulatory Authorities Involved: Insolvency and Bankruptcy Board of India (IBBI), Registrar of Companies West Bengal, Income Tax Authority

Issues / Allegations / Violations

This was a voluntary liquidation process initiated by the company itself without any allegations or violations. The Board of Directors unanimously resolved not to continue business operations and opted for voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The directors declared through affidavits dated 18 December 2025 that the company had no debts or could pay all debts from asset sale proceeds, and that the liquidation was not intended to defraud any person.

Findings & Observations

The Tribunal examined all submissions and documents and found that:

  • The corporate person complied with all requisite formalities and procedures of liquidation as per law
  • The affairs of the corporate person have been completely wound up
  • All assets have been liquidated
  • All liabilities have been discharged and satisfied
  • No impediment exists for dissolving the corporate person

Penalties / Settlements / Directions

No penalties were imposed as this was a voluntary liquidation without violations. The Tribunal directed:

  • Dissolution of Panna Paper Mills Private Limited effective from the date of the order (22 May 2026)
  • The applicant to serve a copy of the order upon IBBI and Registrar of Companies within 14 days of receipt
  • The liquidator stands discharged of responsibilities subject to procedural compliances
  • Preservation of physical and electronic copies of reports, registers and books of accounts as per Regulation 41 of IBBI (Voluntary Liquidation Process) Regulations, 2017

Corrective Actions & Future Obligations

The liquidator completed all required actions including:

  • Public announcement in Business Standard (English) and EK Din (Bengali) newspapers on 9 December 2025
  • Intimation to Registrar of Companies, IBBI, and Income Tax Authority
  • Opening and subsequent closure of liquidation account with Standard Chartered Bank (account no. 33105915523)
  • Preparation and submission of Preliminary Report (14 January 2026) and Final Report (21 February 2026)
  • Distribution of proceeds in accordance with section 53 of IBC

Final Ruling & Enforcement

The Tribunal ordered:

  • Dissolution of Panna Paper Mills Private Limited from the date of the order
  • Discharge of the liquidator subject to compliance with preservation requirements
  • The case CP (IB) No. 80/KB/2026 stands disposed of
  • Registry to send email copies of the order to all parties

Financial Details

Authorized Share Capital: ₹10,00,000 divided into 10,000 equity shares of ₹100 each

Paid-up Share Capital: ₹9,60,000 divided into 9,600 equity shares of ₹100 each

Voluntary Liquidation Cost: ₹1,70,91,741.00 (One Crore Seventy Lakhs Ninety-One Thousand Seven Hundred Forty-One)

Claims Received: Zero claims against public announcement

Bank Account: Standard Chartered Bank account 33105915523 officially closed on 5 March 2026 with zero balance