# In the matter of Cryo-Vet India Private Limited Company Petition No. IB-257(ND) of 2021

> NCLT judgment dated 2021-09-17. Citation: TCN-2021-NCLT-01092. The case pertains to a company petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 17 Sept 2021
- **Citation:** TCN-2021-NCLT-01092
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/cryo-vet-india-private-limited-company-petition-no-ib-257nd-of-2021-a54fe13f

## Summary

### Background

The case pertains to a company petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016 (IBC) for the voluntary liquidation and dissolution of Cryo-Vet India Private Limited. The company, incorporated in 2015, ceased operations in FY 2019-20 due to losses. The board of directors voluntarily decided to liquidate the company, passing a resolution on 22.07.20. An Extra Ordinary General Meeting (EOGM) was held on 14.08.20, where members approved the liquidation and appointed a liquidator. The applicant filed a declaration of solvency with ROC on 21.08.20. The liquidator made a public announcement on 19.08.20, inviting claims from creditors, but no claims were received. A preliminary report was submitted on 15.09.20. The company's bank account was closed

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## Facts

Cryo-Vet India Private Limited, incorporated on 03.02.15, engaged in the business of veterinary products. Due to losses, the company ceased operations in FY 2019-20. The board of directors resolved to liquidate the company voluntarily, as per Section 59 of the IBC, in a meeting held on 22.07.20. An EOGM on 14.08.20 approved the liquidation and appointed Mr. Santosh Kumar as the liquidator. The applicant filed a declaration of solvency with ROC on 21.08.20. The liquidator made a public announcement on 19.08.20, inviting claims until 12.09.20, but no claims were received. A preliminary report was submitted on 15.09.20. The company's bank account was closed on 09.03.21. The final report, dated 18.03.21, stated the completion of the liquidation process. The final report

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## Issues and analysis

### Issue 1: Whether the company petition for voluntary liquidation under Section 59 of the Insolvency and …

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

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**Reasoning:** The court considered the fact that the company had ceased operations due to losses, the

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

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**Application:** In this case, the applicant, Cryo-Vet India Private Limited, had complied with

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## Parties

- **Judges:** P.S.N. P…; K.K. V…
- **Respondents:** Cryo-Vet India…

## Timeline

- **2015-02-03 — Company Incor…**: Cryo-Vet India Private…
- **2019-01-01 — Cessation of Business…**: Cryo-Vet India Private Limited stopped its business operations during FY 2019-20 due to…

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