Pacnet Global Communications (India) Private Limited
The wind-down at a glance. Follow the recorded outcome, financials and people behind this company.
What did the wind-down return?
Reported financials Rs crore, shown in lakh below Rs 1 crore
Where the money went
Share of realisationAmount due to creditors: Rs 0. No payout percentage is calculated against zero or negative dues.
All financial figures & reading notes
| Realisation of assets | Rs 38.00 L |
|---|---|
| Amount due to creditors | Rs 0 |
| Amount paid to creditors | Rs 0 |
| Liquidation expenses | Rs 1.00 L |
| Surplus to members | Rs 37.00 L |
"Not reported" means no figure is available. A reported zero is shown as zero. Registry capital further down the page is separate from liquidation proceeds, and so are any figures read from the NCLT order.
Where this wind-down sits
against every completed s.59 on the register264 days faster than the median of 618 days across 1,597 completed wind-downs
the median is 9.5%
72% of completed wind-downs returned a surplus to members
below the median realisation of Rs 66.00 L
This is a voluntary liquidation under IBC Section 59 — a solvent company choosing to wind up. Creditors are paid in full and costs met before any surplus returns to members; there is no haircut and no acquirer. Read assets realised, creditor payments, expenses and members' surplus separately. Here, Rs 37.00 L in surplus was returned to members.
The NCLT order
Read from the document itself
- Bench
- NEW DELHI BENCH COURT – V
- Case number
- C.P.(IB)/755/ND/2023
- Order date
- 13 Aug 2024
Applicant Company shall stand dissolved with effect from the date of pronouncement of this order.
What the bench said
The Liquidator is found to have complied with the statutory provisions to complete the liquidation process by taking necessary steps as it is evident that he had duly opened an account in the name of Corporate Person with Bank for realization and payment to the members. Further as per record of the present case, it is seen that the Applicant Company is not found being involved in such kind of business activities, which are detrimental to the interest of the public at large.
Statutory observations
status report of ROC is filed before this Adjudicating Authority vide affidavit dated 21.03.2024, whereby it is stated that as per records, no inquiry/ inspection / complaint/legal action has been pending against the subject Company. Further, this Adjudicating Authority observes that there is no objection on behalf of RoC for this voluntary liquidation
Why the company wound up
In the order's own words
the company had not carried its business operations since 2011. In this regard, the board was evaluating plan to restructure the company in subsequent years but could not materialize the plan and hence the management had decided that Company shall be liquidated voluntarily.
- What it was set up to do
- to carry out the business of providing internet services with or without a gateway including internet access, internet telephony, web hosting, virtual private networks, electronic mail, all other related ancillary or incidental services such as website design services, file transfer protocol (FTP), business to business (B2B) e - commerce platform, business to consumer (B2C) e - commerce platform, corporate intranet and internet services, dedicated internet facility services, megaband and broadband services and consulting and such other services thereto.
- What it was doing by the end
- the company had not carried its business operations since 2011
The wind-down, stage by stage
7 dated stages
- 21 Aug 2023 Board resolution to wind up
- 21 Aug 2023 Declaration of solvency
- 25 Aug 2023 Liquidation commenced
- 28 Aug 2023 Public announcement
- 28 Sep 2023 Preliminary report
- 13 Aug 2024 NCLT order
- 13 Aug 2024 Dissolved
Green marks a date from the IBBI register; blue marks a date read from an NCLT order.
The company behind the record
Identity, registration and capital
- MCA status
- Dissolved under section 59(8)
- Company class
- Private
- Category
- Company limited by shares
- Sub-category
- Non-government company
- Listing
- Unlisted
- State
- Delhi
- ROC
- ROC Delhi
- Industry
- Business Services
- PIN
- 110025
- Incorporated
- 7 Mar 2003
- Authorised capital
- Rs 1.00 Cr
- Paid-up capital
- Rs 73.30 L
- CIN
- U72900DL2003PTC119312
- Registered office
- Flat No. 520, 5th Floor, DLF Tower B District Centre Jasola,New Delhi,South Delhi,Delhi,110025-India
Directors named in the order
Mr. Jagannatha Chitrapadi Raghavendra Somayaji · Mr. Satya Prakash Ranjan
Shareholding as the order states it
| Member | Shares | % |
|---|---|---|
| M/s Telstra Singapore Pte. Ltd | 7,32,963 | 99.999% |
| M/s Telstra Global (HK) Limited | 10 | 0.001% |
The money, as the order printed it
Rs as stated in the document — not the crore figures above
What the company held
company had only liquid bank balance as its assets on the commencement of voluntary liquidation
Unclaimed proceeds
there were no unclaimed dividends and undistributed proceeds in the liquidation process
Creditors and claims
As the order records them
Creditor approval
there was no outstanding liability
Litigation and delays
The frictions the order records
Litigation
no inquiry/ inspection / complaint/legal action has been pending against the subject Company
Figures come from IBBI, NCLT, MCA and other official sources. Methodology · Report an error
See other companies in the voluntary liquidation register.