# 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-00380. 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-00380
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/marcus-homes-private-limited-cp-ib-no-133-59-hdb-2021-206e1152

## 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, incorporated under the Companies Act, 1956, decided to wind up its operations due to not carrying out any business for a considerable time. The Board of Directors passed a resolution to liquidate the company voluntarily and made a Declaration of Solvency, stating that the company could pay its debts in full from the proceeds of its assets and was not being liquidated to defraud any person.

## Facts

M/S Marcus Homes Pvt Ltd, incorporated under the Companies Act, 1956, sought voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company's management decided to wind up operations due to inactivity. The Board of Directors resolved to liquidate the company voluntarily and declared solvency, affirming the ability to pay debts and absence of fraudulent intent. The company's shareholders passed a special resolution to liquidate the company and appointed Ms. Beena Nayar as the liquidator. Public announcements were made to invite claims, but no claims were received. The liquidator complied with IBBI regulations, including holding a meeting of contributories. The liquidator filed a final report stating that the liquidation process had been

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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 reasoned that the company had complied with all the conditions and procedural

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**Interpretation:** Section 59 of the IBC provides a mechanism for a solvent corporate entity to

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**Application:** In this case, the court applied the ratio by verifying that the company had

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## Parties

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

## 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…**: Shareholders passed a special resolution in the Extraordinary General Meeting to…

## 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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