# In the matter of Simulity Labs India Pvt. Ltd. C.P. No. 188-BB-2020

> NCLT judgment dated 2020-12-01. Citation: TCN-2020-NCLT-00192. The case pertains to the voluntary liquidation of M/s. Simulity Labs India Private Limited…

- **Court:** NCLT
- **Order date:** 1 Dec 2020
- **Citation:** TCN-2020-NCLT-00192
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/simulity-labs-india-pvt-ltd-cp-no-188-bb-2020-b0d07433

## Summary

### Background

The case pertains to the voluntary liquidation of M/s. Simulity Labs India Private Limited under Section 59(7) of the Insolvency and Bankruptcy Code (IBC), 2016, read with the IBBI (Voluntary Liquidation Process) Regulations, 2017. The company, incorporated on 01.02.2017, faced diminution in operations and lacked prospects for new projects, leading the Board of Directors to propose voluntary liquidation. The members passed a special resolution on 17.01.2019 to liquidate the company voluntarily. Mr. Thirupal Gorige was appointed as the liquidator.

## Facts

M/s. Simulity Labs India Private Limited, incorporated on 01.02.2017, faced operational decline and lacked new project prospects. The company's authorized and paid-up share capital was Rs. 10,00,000. The Board of Directors proposed voluntary liquidation on 26.12.2018, and a declaration of solvency was made. A special resolution for liquidation was passed on 17.01.2019. Thirupal Gorige was appointed as the liquidator. A public announcement of liquidation was made on 22.01.2019. The company had no creditors. The liquidator submitted a preliminary report on 02.02.2019 and intimated the Income Tax Authority. A No Objection Certificate was received from the Income Tax Authority on 07.02.2020. The liquidator convened an Annual Contributories meeting on 29.01.2020. The

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## Issues and analysis

### Issue 1: Whether the liquidator has complied with the provisions of Section 59 of the Insolvency and …

**Ratio:** Section 59 of the IBC, 2016, and the IBBI (Voluntary Liquidation Process) Regulations,

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**Reasoning:** The court observed that the liquidator had made a public announcement of the commencement

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**Interpretation:** Section 59 of the IBC, 2016, and the IBBI (Voluntary Liquidation Process)

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**Application:** The court applied the provisions of Section 59 of the IBC, 2016, and the IBBI

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Respondents:** Simulity Labs…; The Registrar of…

## Timeline

- **2017-02-01 — Company Incor…**: M/s. Simulity Labs India…
- **2018-12-26 — Board Me…**: The Board of Directors…

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