# In the matter of Pole Star Enterprises Private Limited

> NCLT judgment dated 2023-07-19. Citation: TCN-2023-NCLT-05292. This is a Company Petition filed by the Liquidator for the voluntary liquidation of Pole Star…

- **Court:** NCLT
- **Order date:** 19 Jul 2023
- **Citation:** TCN-2023-NCLT-05292
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/pole-star-enterprises-private-limited-298bfb25

## Summary

### Background

This is a Company Petition filed by the Liquidator for the voluntary liquidation of Pole Star Enterprises Private Limited, seeking its dissolution under Section 59(7) of the Insolvency and Bankruptcy Code, 2016.

## Facts

Pole Star Enterprises Private Limited, incorporated on January 3, 2017, under the Companies Act, 2013, engaged in the business of sales and services of construction heavy equipment, agricultural products, solar panels, and generator sets. The company's directors decided to liquidate it due to the impossibility of continuing operations. A Board meeting was held on November 15, 2022 , to consider the winding up and voluntary liquidation of the company as per Section 59 of the Insolvency and Bankruptcy Code, 2016. An Extraordinary General Meeting of the Shareholders took place on November 16, 2022 , where a Special Resolution was passed. It was unanimously resolved to appoint Mr. Shanmugakani Saraskumar as the liquidator to conduct the voluntary liquidation process under

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## Issues and analysis

### Issue 1: Whether Pole Star Enterprises Private Limited has completed its voluntary liquidation process in …

**Ratio:** The company's affairs have been completely wound up and its assets liquidated, satisfying

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**Reasoning:** The NCLT reviewed the compliances listed by the liquidator, including the Board Meeting

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**Interpretation:** The court interpreted Section 59(7) and 59(8) of the IBC, 2016, to mean that

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**Application:** Given that the liquidator had completed all mandated compliances, admitted and

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## Parties

- **Judges:** SANJIV…; SAMEER…
- **Appellants:** Shanmugakani…; Liquidator of…
- **Respondents:** Pole Star…
- **Advocates:** R. Thamiz…; For Applicant: R.…; +1 more

## Timeline

- **January 3, 2017 — Company Incor…**: Pole Star Enterprises Private Limited was…
- **November 15, 2022 — Board Meeting for…**: A Board meeting was held to consider winding up and voluntary liquidation of the Company…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59(7) — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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