# In the matter of Aetherpal (India) Private Limited

> NCLT judgment dated 2021-12-12. Citation: TCN-2021-NCLT-00199. The case pertains to a Company Application filed by the Liquidator in relation to the voluntary…

- **Court:** NCLT
- **Order date:** 12 Dec 2021
- **Citation:** TCN-2021-NCLT-00199
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aetherpal-india-private-limited-fc884666

## Summary

### Background

The case pertains to a Company Application filed by the Liquidator in relation to the voluntary liquidation of Aetherpal (India) Private Limited under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, seeking the dissolution of the Applicant Company. The company was incorporated on 30.07.2013 and its main object was to provide Mobile Device Management Service. The Board of Directors considered the voluntary liquidation of the Company in their meeting held on 17.06.2020.

## Facts

Aetherpal (India) Private Limited underwent voluntary liquidation under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 30.07.2013 with the objective of providing Mobile Device Management Services. The Board of Directors resolved to initiate voluntary liquidation on 17.06.2020. The company declared solvency, with assets totaling Rs. 31,765,221 and no liabilities as of 13.07.2020. The liquidator, Chitra Srinivas, issued public announcements and notified relevant authorities, including the RoC, IBBI, and Income Tax authorities. Two claims were received: Rs. 641 from the PF Department and Rs. 3,91,000 from Tata Teleservices Ltd. The liquidator submitted a preliminary report to IBBI on 27.08.2020. An outstanding loan of Rs.

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## Issues and analysis

### Issue 1: Whether the affairs of the Company have been completely wound up and the assets of the Applicant …

**Ratio:** Section 59(8) of the Insolvency and Bankruptcy Code, 2016 empowers the court to order the

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**Reasoning:** The court examined the submissions made by the Learned Authorized Representative and

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**Interpretation:** Section 59(8) allows the court to dissolve a company when the liquidation

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**Application:** Based on the evidence presented, the court determined that Aetherpal (India)

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## Parties

- **Judges:** R. Sucha…; SAMEER…
- **Respondents:** Aetherpal (India)…

## Timeline

- **2013-07-30 — Company Incor…**: Aetherpal (India) Private…
- **2020-06-17 — Board Me…**: The Board of Directors considered the…

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