Southern Bags & Chemicals 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
Reported amountsCreditor dues are not reported, so the payout cannot be assessed against them.
All financial figures & reading notes
| Realisation of assets | Rs 37.00 L |
|---|---|
| Amount due to creditors | Not reported |
| Amount paid to creditors | Not reported |
| Liquidation expenses | Rs 6.00 L |
| Surplus to members | Rs 31.00 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 register398 days slower 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 31.00 L in surplus was returned to members.
The NCLT order
Read from the document itself
- Bench
- Chennai, Division Bench - I
- Case number
- CP/IB/145(CHE)/2022
Dissolved effective order date
What the bench said
affairs of the Company have been completely wound up and the assets of the Applicant Company have been completely liquidated
Statutory observations
IT Department gave NOC vide letter dated 28.10.2021; ESIC claims settled and acknowledged by ESIC.
Why the company wound up
In the order's own words
- What it was set up to do
- manufacturers, importers, exporters and dealers in all kinds and types of synthetic packaging materials such as High Density poly ethylene bags/ Poly Propylene bags laminated jute bags used as packaging for fertilizers, cereals, cement, salt, chemicals etc.
The wind-down, stage by stage
5 dated stages
- 10 Mar 2020 Board resolution to wind up
- 9 Apr 2020 Liquidation commenced
- 10 Apr 2020 Public announcement
- 22 May 2020 Preliminary report
- 20 Jan 2023 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 (Liquidated)
- Company class
- Private
- Category
- Company limited by shares
- Sub-category
- Non-government company
- Listing
- Unlisted
- State
- Tamil Nadu
- ROC
- ROC Chennai
- Industry
- Manufacturing (Metals and Chemicals, and products thereof)
- PIN
- 628005
- Incorporated
- 15 Oct 1981
- Authorised capital
- Rs 15.00 L
- Paid-up capital
- Rs 5.11 L
- CIN
- U24294TN1981PTC009033
- Registered office
- SPIC ADMINISTRATION MAIN BUILDING, SPICNAGAR,,TUTICORIN-628005,Thoothukudi,Tamil Nadu,628005-India
Directors named in the order
Rathinasabapathi · Muthu Manoharan · Muthukumar Andiappan
The money, as the order printed it
Rs as stated in the document — not the crore figures above
Unclaimed proceeds
Out of 12 shareholders of the Applicant Company 3 cheques amounting to Rs.60,826/- returned undelivered and deposited with the IBBI Voluntary Liquidation Account
Creditors and claims
As the order records them
Received 9 claims from shareholders before the last date of submission of claims; no claims received from creditors.
Litigation and delays
The frictions the order records
Why it took as long as it did
Liquidation process started during the peak of COVID pandemic
Figures come from IBBI, NCLT, MCA and other official sources. Methodology · Report an error
See other companies in the voluntary liquidation register.