# In the matter of Satish Finance Private Limited CP (IB) No.02-Vol.-Chd-Hry-2018

> NCLT judgment dated 2021-07-26. Citation: TCN-2021-NCLT-01618. The case pertains to an application filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 26 Jul 2021
- **Citation:** TCN-2021-NCLT-01618
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/satish-finance-private-limited-cp-ib-no02-vol-chd-hry-2018-09262e89

## Summary

### Background

The case pertains to an application filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking the dissolution of Satish Finance Private Limited through voluntary liquidation. The company, incorporated in 1994, aimed to assist in financing hire purchase or deferred payment transactions. The company's registered office is in Rohtak, Haryana, falling under the jurisdiction of the Chandigarh Bench of the National Company Law Tribunal (NCLT).

## Facts

Satish Finance Private Limited, incorporated on 05.08.1994, sought voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company's main objective was financing hire purchase and deferred payment transactions. A Board Meeting on 26.08.2017 resolved to initiate voluntary winding up, appointing a Voluntary Liquidator. The company surrendered its Certificate of Registration with the Reserve Bank of India after the RBI accepted the request on 05.07.2017. An Extra-Ordinary General Meeting (EOGM) was held on 26.08.2017, appointing Mr. Sameer Rastogi as the Liquidator. The company owed ₹1,80,000 to creditors as of 26.08.2017. The voluntary liquidator published notifications in newspapers on 28.08.2017. No claims were received from

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## Issues and analysis

### Issue 1: Whether the application for voluntary liquidation of Satish Finance Private Limited under Section …

**Ratio:** The approval of a voluntary liquidation application under Section 59 of the IBC depends

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**Reasoning:** The NCLT considered the submissions of the Voluntary Liquidator, the reports from the RoC

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**Interpretation:** Section 59 of the IBC allows a corporate person to initiate voluntary

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**Application:** In this case, the NCLT was satisfied that Satish Finance Private Limited had

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## Parties

- **Judges:** Ajay Kumar…; RaghuNa…
- **Respondents:** Satish Finance…

## Timeline

- **1994-08-05 — Company Incor…**: Satish Finance Private…
- **2017-05-03 — Request for Surrender…**: Company submitted request for surrender of Certificate of Registration with Reserve Bank…

## 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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