# In the matter of Adamas India Pharmaceuticals Pvt. Ltd. C.P. (IB)No. 80-BB-2021

> NCLT judgment dated 2021-11-02. Citation: TCN-2021-NCLT-00609. The case pertains to a Company Petition filed by the Liquidator of Adamas India Pharmaceuticals…

- **Court:** NCLT
- **Order date:** 2 Nov 2021
- **Citation:** TCN-2021-NCLT-00609
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/adamas-india-pharmaceuticals-pvt-ltd-cp-ibno-80-bb-2021-203e3687

## Summary

### Background

The case pertains to a Company Petition filed by the Liquidator of Adamas India Pharmaceuticals Private Limited under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, seeking a direction for the dissolution of the Corporate Person/Company. The company, a subsidiary of Adamas Pharmaceuticals Inc., U.S.A., initiated voluntary liquidation proceedings. The management proposed terminating business activities and initiating members' voluntary winding up. The Board of Directors decided to voluntarily liquidate the Company on March 20, 2018, and executed a declaration as required under Section 59(3) of the IBC, 2016. A Special Resolution of the Members of the corporate person was obtained on April 02, 2018.

## Facts

Adamas India Pharmaceuticals Pvt Ltd, a subsidiary of Adamas Pharmaceuticals Inc., U.S.A., was incorporated on 04.05.2007. Its authorized capital was Rs.5,00,000, divided into 50,000 equity shares of Rs.10 each. The main objects included pharmaceutical research and development. The management proposed terminating business activities and initiating members' voluntary winding up. The Board decided to voluntarily liquidate the Company on March 20, 2018, and executed a declaration under Section 59(3) of the IBC, 2016. A Special Resolution was obtained on April 02, 2018. The Company informed the ROC and IBBI about the Special Resolution on April 05, 2018. Public announcements were made in newspapers on April 04, 2018. The Liquidator informed various departments and received

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## Issues and analysis

### Issue 1: Whether the Liquidator has complied with all the conditions and procedural requirements as …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, and Regulation 3 of the IBBI

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**Reasoning:** The court examined the actions taken by the Liquidator, including informing the ROC and

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**Interpretation:** Section 59 of the IBC and Regulation 3 of the IBBI Regulations are interpreted

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**Application:** The court found that the Liquidator had complied with all the conditions and

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## Parties

- **Judges:** Ajay Kumar…; Manoj Kumar…
- **Appellants:** Dilip Kumar…
- **Respondents:** Adamas India…; The Registrar of…

## Timeline

- **2007-05-04 — Company Incor…**: Adamas India Pharmaceuticals…
- **2018-03-20 — Board Decision to…**: The Board of Directors decided to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59 — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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