# In the matter of Faller Pharma Packaging India Pvt. Ltd. CP (IB) 221-59-HDB-2020

> NCLT judgment dated 2020-09-08. Citation: TCN-2020-NCLT-00682. The case pertains to a petition filed under Section 59(7) of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 8 Sept 2020
- **Citation:** TCN-2020-NCLT-00682
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/faller-pharma-packaging-india-pvt-ltd-cp-ib-221-59-hdb-2020-913bfbb3

## Summary

### Background

The case pertains to a petition filed under Section 59(7) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the dissolution of Faller Pharma Packaging India Private Limited, which was already under liquidation. The company was incorporated in 2012 and had initiated voluntary liquidation proceedings. The liquidator, Mr. Majeet Bucha, filed the petition after complying with the necessary procedures and regulations under the IBC and IBBI (Voluntary Liquidation Process) Regulations, 2017.

## Facts

Faller Pharma Packaging India Private Limited, incorporated on 20.06.2012, initiated voluntary liquidation proceedings. The company's authorized and issued subscribed capital was Rs. 1,88,05,500/-. The company had not been carrying on operations or earning revenues for the four years preceding the liquidation. On 26.07.2020, the Board of Directors resolved to voluntarily liquidate the company under Section 59 of the IBC, 2016, and appointed Mr. Manjeet Bucha as the liquidator. The directors filed a declaration in accordance with Section 59(3)(a) of the Code. The company had no creditors. The liquidator issued public announcements in Financial Express and Nava Telangana on 02.08.2019. The liquidator opened a bank account in Deutsche Bank. The liquidator submitted a

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## Issues and analysis

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

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

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**Reasoning:** The court reasoned that the liquidator had complied with the provisions of Section 59 of

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**Interpretation:** Section 59 of the IBC provides a mechanism for a corporate person to initiate

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**Application:** In this case, the liquidator, Mr. Majeet Bucha, had taken all the necessary

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## Parties

- **Judges:** Ratakonda…; Veera Brahma Rao…; +1 more
- **Respondents:** Faller Pharma…

## Timeline

- **2012-06-20 — Company Incor…**: Faller Pharma Packaging India…
- **2019-07-16 — Directors' Dec…**: Directors of the Company filed their declaration in accordance with Section 59 (3) (a) of…

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