# In the matter of Asahi Organic Chemicals India Private Limited

> NCLT judgment dated 2019-10-17. Citation: TCN-2019-NCLT-00942. The case pertains to the voluntary liquidation of Asahi Organic Chemicals India Private…

- **Court:** NCLT
- **Order date:** 17 Oct 2019
- **Citation:** TCN-2019-NCLT-00942
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/asahi-organic-chemicals-india-private-limited-714c47a1

## Summary

### Background

The case pertains to the voluntary liquidation of Asahi Organic Chemicals India Private Limited. The liquidator filed an application under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the dissolution of the company. The company was incorporated on 23.10.2010 under the Companies Act, 1956, with the main objective of manufacturing, processing, and dealing in various synthetic and natural products. An EOGM was held on 29.03.2018, where shareholders passed a resolution for voluntary liquidation and appointed Ms. Suchi Agarwal as the liquidator. The company notified the Registrar of Companies and IBBI about the decision to proceed with voluntary liquidation.

## Facts

Asahi Organic Chemicals India Private Limited was incorporated on 23.10.2010. An Extraordinary General Meeting (EOGM) was held on 29.03.2018, where a resolution was passed for voluntary liquidation, and Ms. Suchi Agarwal was appointed as the liquidator. The voluntary liquidation proceedings commenced on 29.03.2018, with public announcements made on the same date. The liquidator converted the company's bank account into a voluntary liquidation account on 13.06.2018. The liquidator submitted a preliminary report on 11.05.2018. The final report was submitted, showing realization and payment to stakeholders. The liquidator filed an application under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, seeking the dissolution of the company. The key fact is that the

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## Issues and analysis

### Issue 1: Whether the dissolution of Asahi Organic Chemicals India Private Limited should be ordered under …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, allows for the voluntary

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**Reasoning:** The court reasoned that the company and the liquidator had complied with the necessary

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**Interpretation:** Section 59 of the I&B Code, 2016, is interpreted to mean that if a company

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**Application:** In this case, the court applied the ratio of Section 59 to the facts presented,

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## Parties

- **Judges:** CH. MOHD SHARIEF…; K.K. V…
- **Respondents:** Asahi Organic…

## Timeline

- **2010-10-23 — Company Incor…**: Asahi Organic Chemicals India Private Limited was incorporated under the Companies Act,…
- **2018-03-29 — EOGM and Resolution for…**: An Extraordinary General Meeting (EOGM) was held, and a resolution was passed for…

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