# In the matter of Qplum Software Labs Pvt. Ltd. C.P. No. 165-BB-2020

> NCLT judgment dated 2020-12-07. Citation: TCN-2020-NCLT-00142. The case pertains to C.P.No.165/BB/2020 filed by Mrs. Sumana Rao, the Applicant/Liquidator,…

- **Court:** NCLT
- **Order date:** 7 Dec 2020
- **Citation:** TCN-2020-NCLT-00142
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/qplum-software-labs-pvt-ltd-cp-no-165-bb-2020-db86003a

## Summary

### Background

The case pertains to C.P.No.165/BB/2020 filed by Mrs. Sumana Rao, the Applicant/Liquidator, under Section 59(7) of the IBC Code, 2016, seeking to allow the application and pass an order for the dissolution of QPlum Software Labs Private Limited under the provisions of Section 59 (8) of the I & B Code, 2016. The company was incorporated on March 13, 2018. The Board of Directors passed a special resolution on August 16, 2019, approving the voluntary liquidation of the company. A public announcement was made on August 21, 2019, seeking claims from stakeholders, and the IBBI was notified on August 22, 2019. The Registrar of Companies and the IBBI were notified about the liquidation resolution, and necessary returns were filed. The Income Tax Department issued a no-due

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## Facts

QPlum Software Labs Private Limited was incorporated on March 13, 2018. The company's registered office is situated in Bengaluru. The authorized share capital is Rs. 10,00,000, and the paid-up capital is Rs. 1,00,000. The company's main objects include software development and IT solutions. The company filed its audited financial statements and annual returns up to March 31, 2019. On August 16, 2019, the Board of Directors passed a special resolution approving the voluntary liquidation of the company, and Mrs. Sumana Rao was appointed as the liquidator. A public announcement was published on August 21, 2019, seeking claims from stakeholders. The Registrar of Companies and the IBBI were notified about the liquidation resolution. The Income Tax Department issued a no-due

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## Issues and analysis

### Issue 1: Whether the application for voluntary liquidation of QPlum Software Labs Private Limited should be …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, and the IBBI (Voluntary

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**Reasoning:** The court reasoned that the Board of Directors of the Company passed a special resolution

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

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**Application:** The court applied the provisions of Section 59 of the IBC Code and the IBBI

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Respondents:** Qplum Software…

## Timeline

- **2018-03-13 — Company Incor…**: QPlum Software Labs Private…
- **2019-08-16 — Special Res…**: The Board of Directors passed a special resolution approving the voluntary liquidation of…

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