# In the matter of Andromeda Derivative Strategies Limited CP(IB) No. 58-59-NCLT-AHM-2021

> NCLT judgment dated 2021-09-13. Citation: TCN-2021-NCLT-01134. The case pertains to the voluntary liquidation of Andromeda Derivative Strategies Limited under…

- **Court:** NCLT
- **Order date:** 13 Sept 2021
- **Citation:** TCN-2021-NCLT-01134
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/andromeda-derivative-strategies-limited-cpib-no-58-59-nclt-ahm-2021-59760af9

## Summary

### Background

The case pertains to the voluntary liquidation of Andromeda Derivative Strategies Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company, incorporated on 25.10.2007, decided to liquidate due to losses and discontinued business operations. The Board of Directors unanimously resolved to liquidate the company on 22.01.2019, and a declaration of solvency was executed on 11.01.2019, stating that the company had no debts or creditors. A special resolution was passed on 22.01.2019 to liquidate the company voluntarily and appoint Mr. Premnarayan Tripathi as the liquidator.

## Facts

Andromeda Derivative Strategies Limited, incorporated on 25.10.2007, with CIN No. U67120GJ2007PLC052046, decided to undergo voluntary liquidation due to losses and discontinued business operations. The company's authorized share capital was Rs. 20,00,00,000, and the paid-up share capital was Rs. 18,13,20,000. The Board of Directors unanimously resolved to liquidate the company on 22.01.2019, and a declaration of solvency was executed on 11.01.2019, confirming the absence of debts or creditors. A special resolution was passed on 22.01.2019 to liquidate the company voluntarily and appoint Mr. Premnarayan Tripathi as the liquidator. Public announcement was made on 24.01.2019, but no claims were received from operational or financial creditors. The company's assets were in

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Andromeda Derivative Strategies Limited was conducted …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, along with the IBBI (Voluntary

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**Reasoning:** The court noted that the company had complied with the requirements of Section 59,

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**Interpretation:** Section 59 provides a framework for companies to voluntarily liquidate their

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**Application:** In this case, the company followed the prescribed procedure, including making a

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Premnarayan…
- **Respondents:** Andromeda…; ROC, Gu…

## Timeline

- **2007-10-25 — Company Incor…**: Andromeda Derivative…
- **2019-01-11 — Declaration of…**: Declaration of Solvency executed…

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