# 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-00615. 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-00615
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/adamas-india-pharmaceuticals-pvt-ltd-cp-ibno-80-bb-2021-3063c68d

## 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 to terminate its business activities and initiate members' voluntary winding up. A special resolution was passed, and the ROC and IBBI were duly informed. The liquidator made public announcements, informed various departments, and prepared a preliminary report. The company had no assets to be disposed of and no outside liabilities. The liquidator furnished annual status reports and closed

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## Facts

Adamas India Pharmaceuticals Pvt Ltd, a subsidiary of Adamas Pharmaceuticals Inc., U.S.A., was incorporated on 2007-05-04. The company's authorized capital was Rs. 5,00,000, divided into 50,000 equity shares of Rs. 10 each. The issued and paid-up capital was Rs. 1,00,000, divided into 10,000 equity shares of Rs. 10 each. The company's main objects included undertaking pharmaceutical research and development activities. The management proposed to terminate business activities and initiate members' voluntary winding up. The Board of Directors decided to voluntarily liquidate the company on 2018-03-20 and executed a declaration under Section 59(3) of the IBC, 2016. A special resolution was obtained on 2018-04-02. The company informed the ROC and IBBI about the special

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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 observed that the Liquidator had complied with all the conditions and

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**Interpretation:** Section 59 and Regulation 3 establish a framework for voluntary liquidation,

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**Application:** The Liquidator's actions, including informing relevant authorities, making

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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 — Decision to Voluntarily…**: The Board of Directors decided to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59(7) — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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