# In the matter of Tri Vision Trading Private Limited (IB)-388-ND-2020

> NCLT judgment dated 2020-06-23. Citation: TCN-2020-NCLT-01133. The case pertains to an application filed by the Voluntary Liquidator under Section 59(7) of…

- **Court:** NCLT
- **Order date:** 23 Jun 2020
- **Citation:** TCN-2020-NCLT-01133
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tri-vision-trading-private-limited-ib-388-nd-2020-58123176

## Summary

### Background

The case pertains to an application filed by the Voluntary Liquidator under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, seeking the dissolution of M/S Tri Vision Trading Private Limited. The company, incorporated on 17.03.2011, had not conducted business for the past two years and had no employees. A resolution was passed to initiate voluntary winding up, and a liquidator was appointed. The company declared solvency, stating it had no creditors. Public announcements were made in newspapers as per IBBI regulations. The bank account of the Corporate Debtor was closed. The liquidator submitted reports to the IBBI and ROC. The Adjudicating Authority directed the petitioner to make fresh public announcements.

## Facts

M/S Tri Vision Trading Private Limited sought dissolution under Section 59(7) of the IBC, 2016. The company, incorporated on 17.03.2011, had not conducted business for two years and had no employees. A Board meeting on 03.09.2019 resolved to initiate voluntary winding up. Anup Kumar was appointed as the Voluntary Liquidator. A declaration of solvency was signed on 23.10.2019. The company had no creditors. Public announcements were made in 'Financial Express' on 04.10.2019 and 'Jansatta' on 10.10.2019. The company's bank account was closed on 06.11.2019. The liquidator submitted a final report to the IBBI and ROC on 06.01.2020. The Adjudicating Authority directed fresh public announcements on 30.01.2020. The petitioner filed a service affidavit on 29.02.2020 and

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## Issues and analysis

### Issue 1: Whether the application for dissolution of M/S Tri Vision Trading Private Limited under Section …

**Ratio:** Section 59(7) of the IBC allows for the dissolution of a company if the voluntary

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**Reasoning:** The Adjudicating Authority considered the steps taken by the voluntary liquidator,

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**Interpretation:** Section 59(7) provides a mechanism for companies to voluntarily liquidate their

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**Application:** The ratio and reasoning were applied to the facts of the case, where the

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; K.K. V…
- **Respondents:** M/S Tri Vision…

## Timeline

- **2011-03-17 — Company Incor…**: M/S Tri Vision Trading…
- **2019-09-03 — Board Me…**: A resolution was passed to initiate…

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