Money & Banking

NCC Finance liquidated

V Rishi Kumar Hyderabad | Updated on December 27, 2019 Published on December 27, 2019

NCC Finance Limited has completed the process of voluntary liquidation.

The liquidator, Sridhar Venkatraya Sundararaja, Resolution Professional, has filed the report with the BSE on the voluntary liquidation of the company under Section 50 of the Insolvency and Bankruptcy Code, 2016, and Regulation 3 of the Insolvency and Bankruptcy Board of India.

The company’s shareholders, after passing a special resolution at an Extraordinary General Meeting on September 27, appointed the liquidator to take up the process and liquidate the company.

The debt of the company has been discharged to the satisfaction of the creditors. The company does not have any pending litigations. It may be recalled that the shareholders had, in September, approved the voluntary winding up of the operation of the company under the insolvency code.

The liquidator, in the final report, submitted that all pending issues have been resolved and that the company has been voluntarily liquidated.

NCC Finance was incorporated in 1994 to carry on the business of hire purchase, leasing, and advancement of short-term loans to its various clients, such as individuals, partnership firms and companies.

Due to the cut-throat competition in the NBFC sector, the company exited from the sector and surrendered its NBFC certificate to Reserve Bank of India. It has consolidated its operations and repaid the entire public deposits and loans from banks.

Published on December 27, 2019
  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.