# In the matter of Marcus Homes Private Limited CP (IB) No. 133-59-HDB-2021

> NCLT judgment dated 2021-11-29. Citation: TCN-2021-NCLT-00379. The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 29 Nov 2021
- **Citation:** TCN-2021-NCLT-00379
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/marcus-homes-private-limited-cp-ib-no-133-59-hdb-2021-09beac60

## Summary

### Background

The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, by M/S Marcus Homes Pvt Ltd, seeking voluntary liquidation. The company was incorporated under the Companies Act, 1956. The management decided to wind up the company as it was not carrying out any business for a considerable amount of time. The Board of Directors decided to liquidate the company voluntarily and made a Declaration of Solvency.

## Facts

M/S Marcus Homes Pvt Ltd filed a Company Petition under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking voluntary liquidation. The company was incorporated under the Companies Act, 1956. The management decided to wind up the company due to inactivity. The Board of Directors decided to liquidate the company voluntarily and made a Declaration of Solvency dated 03.08.2019. The shareholders passed a special resolution on 26.08.2019 to liquidate the company and appointed Ms. Beena Nayar as Liquidator. The Liquidator made a public announcement on 27.08.2019. The company had no creditors. The Liquidator complied with Regulation 37 of the IBBI (Voluntary Liquidation Process) Regulations, 2017. The Liquidator filed the final report on 20.04.2021. The company had

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## Issues and analysis

### Issue 1: Whether the Company Petition under Section 59 of the Insolvency and Bankruptcy Code, 2016, for …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, allows a corporate person to

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**Reasoning:** The court found that the company had complied with all the conditions and procedural

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**Interpretation:** Section 59 provides a mechanism for a solvent company to voluntarily liquidate

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**Application:** In this case, the company had met all the requirements of Section 59, including

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Respondents:** Marcus Homes Pvt…; The Registrar of…

## Timeline

- **2019-08-03 — Declaration of…**: The Board of Directors made a Declaration of Solvency as required under Section 59 (3)…
- **2019-08-26 — Special Res…**: The shareholders of the Corporate Person passed a special resolution in the Extraordinary…

## 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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