# In the matter of Techem Energy Services India Private Limited CP 1875-MB-2019

> NCLT judgment dated 2020-10-08. Citation: TCN-2020-NCLT-00421. The case pertains to a Company Petition filed under Section 59(7) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 8 Oct 2020
- **Citation:** TCN-2020-NCLT-00421
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/techem-energy-services-india-private-limited-cp-1875-mb-2019-890976af

## Summary

### Background

The case pertains to a Company Petition filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, by Techem Energy Services India Private Limited, through its Liquidator, Mr. Anish Gupta, seeking voluntary liquidation. The Corporate Person stated it was unable to procure necessary regulatory approvals to commence business activities and proposed voluntary winding up. The Board of Directors passed a resolution on 2018-08-28 to liquidate the company voluntarily and appointed Mr. Anish Gupta as the Liquidator. A declaration of solvency was also made on the same date. The members of the Corporate Person passed a Special Resolution in the Extraordinary General Meeting on 2018-09-25 to liquidate the Company and appoint Mr. Anish Gupta as Liquidator.

## Facts

Techem Energy Services India Private Limited filed a petition under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking voluntary liquidation. The company was unable to obtain necessary regulatory approvals to commence business activities. The Board of Directors passed a resolution on 2018-08-28 to liquidate the company and appointed Mr. Anish Gupta as the Liquidator. The Board also made a Declaration of Solvency on the same date. The members of the Corporate Person passed a Special Resolution in the Extraordinary General Meeting on 2018-09-25 to liquidate the Company and appoint Mr. Anish Gupta as Liquidator. The Corporate Person notified IBBI on 2018-09-29 and the Registrar of Companies, Pune, on 2018-10-05 about the passing of the Special Resolution to

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## Issues and analysis

### Issue 1: Whether the Corporate Person has complied with the requirements of Section 59 of the Insolvency and …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, outlines the procedure for

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**Reasoning:** The court examined the actions taken by the Corporate Person and its Liquidator to ensure

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**Interpretation:** Section 59 provides a framework for voluntary liquidation, emphasizing

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**Application:** The court found that the Corporate Person had complied with the requirements of

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## Parties

- **Judges:** Janab Mohammed…; V. Nallasen…
- **Respondents:** Techem Energy…

## Timeline

- **2009-07-08 — Incorporation of…**: The Corporate Person, Techem Energy Services…
- **2018-08-28 — Board Resolution for…**: The Board of Directors passed a resolution to liquidate the company voluntarily and…

## 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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