# In the matter of Visva Import Export Private Limited CP(IB) No. 744-KB-2019

> NCLT judgment dated 2021-04-13. Citation: TCN-2021-NCLT-02401. This case pertains to an application filed under section 59(7) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 13 Apr 2021
- **Citation:** TCN-2021-NCLT-02401
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/visva-import-export-private-limited-cpib-no-744-kb-2019-c5b3d5b0

## Summary

### Background

This case pertains to an application filed under section 59(7) of the Insolvency and Bankruptcy Code, 2016, for the dissolution of Visva Import Export Private Limited, a company undergoing voluntary liquidation. The company was incorporated on 19/02/2010 under the Companies Act, 1956. The Board of Directors passed a resolution for voluntary winding up on 27/04/2018, and the members passed special resolutions on 05/05/2018 approving the winding up and appointing Mr. Gyaneshwar Sahai as the liquidator.

## Facts

Visva Import Export Private Limited, incorporated on 19/02/2010, underwent voluntary liquidation. The Board of Directors resolved to wind up the company on 27/04/2018, and members approved this on 05/05/2018, appointing Mr. Gyaneshwar Sahai as liquidator. The liquidator notified the Registrar of Companies and made public announcements in 'The Echo of India' and 'Lipi' on 07/05/2018, inviting stakeholder claims. No claims were received from stakeholders other than equity shareholders. The liquidator opened a bank account on 24/09/2018, distributed proceeds, and submitted a final report on 22/01/2019. A declaration of solvency was affirmed on 17/03/2018, stating the company could pay its debts within 12 months. The liquidator also submitted a valuation report dated

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## Issues and analysis

### Issue 1: Whether the application under section 59(7) of the Insolvency and Bankruptcy Code, 2016 for the …

**Ratio:** Section 59(7) of the Insolvency and Bankruptcy Code, 2016 allows for the dissolution of a

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**Reasoning:** The court reviewed the documents and submissions made by the liquidator, including the

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**Interpretation:** Section 59(7) provides the legal basis for dissolving a company after voluntary

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**Application:** The court applied Section 59(7) to the facts of the case, finding that the

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Respondents:** VISVA IMPORT…

## Timeline

- **2010-02-19 — Company Incor…**: Visva Import Export Private Limited was…
- **2018-04-27 — Board Resolution for…**: The Board of Directors of the Company passed…

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