# In the matter of Invest India Micro Pension Services Pvt. Ltd., CP(IB)No. 9/ALD/2021

> NCLT judgment dated 2021-02-24. Citation: TCN-2021-NCLT-02935. The case pertains to a company petition filed under Section 59(7) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 24 Feb 2021
- **Citation:** TCN-2021-NCLT-02935
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/invest-india-micro-pension-services-pvt-ltd-cpibno-9ald2021-216355fa

## Summary

### Background

The case pertains to a company petition filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read with Rule 38 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation process) Regulations, 2017, seeking the dissolution of M/S Invest India Micro Pension Services Private Limited. The company, incorporated on 16.09.2006, faced continuous losses, leading to a resolution for voluntary liquidation passed by the Board of Directors and members in meetings held in September and October 2018. An Insolvency Professional, Mr. Gyaneshwar Sahai, was appointed as the liquidator.

## Facts

M/S Invest India Micro Pension Services Private Limited, incorporated on 16.09.2006, faced continuous losses, diminishing its prospects. In response, the Board of Directors convened on 27.09.2018 and 22.10.2018, resolving to initiate winding up. A members' meeting on 25.10.2018, led to a special resolution for voluntary liquidation and the appointment of Mr. Gyaneshwar Sahai as the liquidator. Public announcements were made as per IBBI regulations, and preliminary reports were submitted. The Income Tax Department confirmed no outstanding demands, and the GST registration was cancelled. Stakeholder meetings were held, liabilities were paid off, and remaining funds were transferred to the Corporate voluntary Liquidation Account. The liquidator filed a final report, and

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process was conducted in compliance with the Insolvency and …

**Ratio:** Section 59(7) of the Insolvency and Bankruptcy Code, 2016 read with Rule 38 of the

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

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**Interpretation:** The IBC and IBBI Regulations provide a framework for voluntary liquidation,

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**Application:** The court found that the voluntary liquidator had complied with the

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## Parties

- **Judges:** Rajesh Daya…
- **Respondents:** M/S INVEST INDIA…

## Timeline

- **2006-09-16 — Company Incor…**: M/S Invest India Micro Pension Services…
- **2018-09-27 — Board Me…**: Board of directors convened to…

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