# In the matter of Cupid Annibis Jewellery Private Ltd. CP (IB) 2049-MB-C-II-2018

> NCLT judgment dated 2020-03-20. Citation: TCN-2020-NCLT-01439. The case pertains to the voluntary liquidation of Cupid Annabis Jewellery Private Limited. The…

- **Court:** NCLT
- **Order date:** 20 Mar 2020
- **Citation:** TCN-2020-NCLT-01439
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/cupid-annibis-jewellery-private-ltd-cp-ib-2049-mb-c-ii-2018-5ecfee61

## Summary

### Background

The case pertains to the voluntary liquidation of Cupid Annabis Jewellery Private Limited. The Applicant/Liquidator, Mr. Anil Seetaram Vaidya, filed an application under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 38(3) of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, for the dissolution of the corporate entity. The corporate entity was incorporated on 16.10.2003 and had ceased business operations since the end of the financial year 2014-2015. The company's shareholders had unanimously approved voluntary liquidation and dissolution in an extraordinary general meeting held on 03.07.2017.

## Facts

Cupid Annabis Jewellery Private Limited (CIN: U51398MH2003PTC142703) was incorporated on 16.10.2003. The company ceased business operations after the financial year 2014-2015. On 03.07.2017, the company's shareholders unanimously approved voluntary liquidation and dissolution. Mr. Anil Seetaram Vaidya was appointed as the liquidator. The directors furnished a declaration as per Section 59(3)(a) of the Code on 6th June, 2017. The liquidator made a public announcement on 07.07.2017, inviting stakeholders to submit claims, but no claims were received. The liquidator notified the Registrar of Companies, Mumbai, on 04.07.2019 and IBBI, New Delhi, on 05.07.2017. The Income-tax Department was intimated on 02.08.2017. The liquidator opened a bank account in the name of the

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Cupid Annabis Jewellery Private Limited was conducted …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 38(3) of the

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**Reasoning:** The court examined the actions taken by the liquidator, including the public

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**Interpretation:** The legal issue involves interpreting the requirements of Section 59 of the IBC

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**Application:** The court applied the provisions of Section 59 and related regulations to the

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## Parties

- **Judges:** SUCHITRAKAN…; Chandra Bha…
- **Appellants:** Anil Seetaram…
- **Respondents:** Cupid Annabis…

## Timeline

- **2003-10-16 — Incorpor…**: Cupid Annabis Jewellery…
- **2017-07-03 — Special Res…**: Shareholders unanimously approved voluntary liquidation and dissolution in an…

## 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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