# In the matter of Contentmart Private Limited CP (IB) No.107-Chd-Hry-2022

> NCLT judgment dated 2023-07-03. Citation: TCN-2023-NCLT-05388. The present Company Petition was filed by the Liquidator, Mr. Vinod Kumar Chaurasia, on behalf…

- **Court:** NCLT
- **Order date:** 3 Jul 2023
- **Citation:** TCN-2023-NCLT-05388
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/contentmart-private-limited-cp-ib-no107-chd-hry-2022-592437eb

## Summary

### Background

The present Company Petition was filed by the Liquidator, Mr. Vinod Kumar Chaurasia, on behalf of M/s Contentmart Private Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking the relief that the Petitioner Company be dissolved as per the provisions of the Code and the Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017.

## Facts

Contentmart Private Limited was incorporated on 18.08.2015.

The company decided to voluntarily liquidate due to non-availability of business prospects in a board meeting dated 11.04.2019.

Ms. Shalu Khanna was initially appointed as the liquidator but later resigned.

Mr. Vinod Kumar Chaurasia was appointed as the new liquidator w.e.f. 05.08.2019.

Public announcement was made on 26.04.2019 seeking submission of claims by stakeholders.

The last date for submission of claims was fixed as 22.05.2019.

No claims were received up till the last date of submission of claims i.e. 22.05.2019, however, the claims for a total amounting to Rs. 3,67,957/- were received after the initiation of the liquidation process which was thereby paid.

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## Issues and analysis

### Issue 1: Whether the company has complied with the provisions of Section 59 of the Insolvency and Bankruptcy …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, outlines the requirements for

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**Reasoning:** The company has passed a special resolution for voluntary liquidation, appointed a

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**Interpretation:** The company has met the conditions specified under Section 59 for initiating

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**Application:** The Adjudicating Authority considered the facts and circumstances and found

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Respondents:** Contentmart…; Registrar of…
- **Other parties:** Shalu K…; Vinod Kumar…

## Timeline

- **2015-08-18 — Incorpor…**: Contentmart Private…
- **2019-04-11 — Board Me…**: The company decided to voluntarily liquidate due to non-availability of business…

## 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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