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

> NCLT judgment dated 2020-10-08. Citation: TCN-2020-NCLT-00427. 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-00427
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/techem-energy-services-india-private-limited-cp-1875-mb-2019-ef8da8e8

## 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, seeking voluntary liquidation. The Corporate Person was unable to procure necessary regulatory approvals to commence business activities and therefore proposed voluntary winding up. The Board of Directors passed a resolution on 28.08.2018 to liquidate the company voluntarily and appointed Mr. Anish Gupta as the Liquidator. A declaration of solvency was also made on the same date, stating that the company had no debt and was not being liquidated to defraud any person.

## Facts

Techem Energy Services India Private Limited filed a petition for voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 08.07.2009 but could not commence business due to a lack of regulatory approvals. On 28.08.2018, the Board of Directors resolved to liquidate the company and appointed Mr. Anish Gupta as the Liquidator. A declaration of solvency was made on the same date. The members passed a special resolution on 25.09.2018 to liquidate the company. The company notified IBBI and the Registrar of Companies about the resolution. The Liquidator made a public announcement on 28.09.2018. The company's assets were in the form of cash at Bank, which the Liquidator utilized for professional fees and liquidation

…

## Issues and analysis

### Issue 1: Whether the Corporate Person met the requirements for voluntary liquidation under Section 59 of the …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, allows a corporate person to

…

**Reasoning:** The court considered the fact that the Corporate Person had passed a special resolution,

…

**Interpretation:** Section 59 provides a mechanism for a solvent corporate person to voluntarily

…

**Application:** In this case, the Corporate Person had complied with the requirements of

…

## Parties

- **Judges:** Janab Mohammed…; V. Nallasen…
- **Respondents:** Techem Energy…
- **Advocates:** Ms Bhakti…; Ms Stuti…

## Timeline

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

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/techem-energy-services-india-private-limited-cp-1875-mb-2019-ef8da8e8