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

> NCLT judgment dated 2020-10-08. Citation: TCN-2020-NCLT-00429. The Corporate Person, Techem Energy Services India Private Limited, filed a petition under…

- **Court:** NCLT
- **Order date:** 8 Oct 2020
- **Citation:** TCN-2020-NCLT-00429
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/techem-energy-services-india-private-limited-cp-1875-mb-2019-c5d8cbd1

## Summary

### Background

The Corporate Person, Techem Energy Services India Private Limited, filed a petition under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, seeking voluntary liquidation due to its inability to commence business activities after failing to procure necessary regulatory approvals.

## Facts

Techem Energy Services India Private Limited, the Corporate Person, was incorporated on July 8, 2009. It was unable to commence business operations due to a failure to obtain necessary regulatory approvals. Consequently, the company proposed a voluntary winding-up, and the Liquidator completed all required legal formalities and procedures for this process. On August 28, 2018, the Board of Directors passed a resolution to voluntarily liquidate the company and recommended Mr. Anish Gupta as the Liquidator. The Board also issued a Declaration of Solvency on the same date, as mandated by Section 59(3)(a)(i) of the Code, confirming that the company had no debt and was not being liquidated to defraud any person. Audited financial statements for the financial years ending

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## Issues and analysis

### Issue 1: Whether the Corporate Person has complied with all statutory requirements for voluntary liquidation …

**Ratio:** The Corporate Person, through its Liquidator, has complied with all the provisions of

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**Reasoning:** The NCLT reviewed the submitted documents, including the Board Resolution, Declaration of

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**Interpretation:** The court interpreted **Section 59** of the I&B Code and the relevant IBBI

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**Application:** The Corporate Person's actions, such as the Board's resolution, the Declaration

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## Parties

- **Judges:** Janab Mohammed…; V. Nallasen…
- **Appellants:** represented by…; Mr Anish…
- **Respondents:** Techem Energy…
- **Advocates:** For the Applicant:…; Ms Stuti…; +1 more

## Timeline

- **July 8, 2009 — Incorpor…**: The Corporate Person, Techem Energy Services…
- **August 28, 2018 — Board Resolution and…**: The Board of Directors resolved to voluntarily liquidate the company and issued a…

## 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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