# In the matter of Morethansum Ventures Private Limited (IB)871(PB)-2020

> NCLT judgment dated 2020-09-03. Citation: TCN-2020-NCLT-00723. The application was filed under Section 59(7) of the Insolvency & Bankruptcy Code, 2016, for…

- **Court:** NCLT
- **Order date:** 3 Sept 2020
- **Citation:** TCN-2020-NCLT-00723
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/morethansum-ventures-private-limited-ib871pb-2020-a88d487b

## Summary

### Background

The application was filed under Section 59(7) of the Insolvency & Bankruptcy Code, 2016, for the dissolution of Morethansum Ventures Private Limited after the completion of the distribution of assets to the stakeholders. The company was incorporated on 31.01.2013 and was not carrying on any business activities during the last two FY 2017-18 & 2018-19. The company has no secured or unsecured creditors. The Board of Directors passed a resolution on 04.03.2019 regarding the declaration of solvency and to liquidate the company voluntarily.

## Facts

Morethansum Ventures Private Limited filed an application for voluntary liquidation under Section 59(7) of the IBC, 2016. The company was incorporated on 31.01.2013 and ceased business activities during FY 2017-18 and 2018-19. The company declared solvency on 06.03.2019 and had no secured or unsecured creditors. A resolution for voluntary liquidation was passed on 04.03.2019. Lekhraj Bajaj was appointed as the liquidator. A special resolution was passed on 01.04.2019. The resolution was notified to the Registrar of Companies on 13.04.2019. A public announcement was made on 02.04.2019. The liquidator prepared and filed the final report with the RoC and IBBI. All funds were utilized for liquidation expenses. No legal proceedings were pending against the company. The

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Person under Section 59(7) of the …

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

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**Reasoning:** The court reasoned that the company had complied with the requirements of Section 59 of

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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 court applied the ratio by confirming that Morethansum

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## Parties

- **Judges:** B.S.V. Prakash…; HEMANT KUMAR…
- **Appellants:** Lekhraj…
- **Respondents:** Morethansum…

## Timeline

- **2013-01-31 — Company Incor…**: Morethansum Ventures Private…
- **2019-03-04 — Board Reso…**: The Board of Directors passed a resolution regarding the declaration of solvency and to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59(7) — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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