# In the matter of Albemarle Chemicals Private Limited CP No.563-MB-IV-2022

> NCLT judgment dated 2022-07-14. Citation: TCN-2022-NCLT-01716. The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 14 Jul 2022
- **Citation:** TCN-2022-NCLT-01716
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/albemarle-chemicals-private-limited-cp-no563-mb-iv-2022-67d33363

## Summary

### Background

The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, by Albemarle Chemicals Private Limited, through its Insolvency Professional, Mr. Akshay Rajendra Shah, to initiate voluntary liquidation proceedings. The company was incorporated on 25.01.2007. The Board of Directors resolved to voluntarily liquidate the company on 20.12.2018, after determining that the company was not carrying on any business and was solvent. The company's authorized share capital is ₹ 5,00,000, and the issued, subscribed, and paid-up share capital is ₹ 1,00,000. The company has three directors: Mr. Karen Goldthwaite Narwold, Mr. Ashok Babubhai Jhaveri, and Mr. Terrence Gordon Hammons Jr.

## Facts

Albemarle Chemicals Private Limited filed a petition under Section 59 of the Insolvency and Bankruptcy Code, 2016, for voluntary liquidation. The company was incorporated on 25.01.2007. The Board of Directors resolved to voluntarily liquidate the company on 20.12.2018, citing that the company was not carrying on any business. The company's authorized share capital is ₹ 5,00,000, and the issued, subscribed, and paid-up share capital is ₹ 1,00,000. The company has three directors. Mr. Akshay Rajendra Shah was appointed as the liquidator. The liquidator made public announcements inviting claims, but no claims were received. The company notified the Registrar of Companies about the special resolution to liquidate. The liquidator opened and closed a bank account for the

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## Issues and analysis

### Issue 1: Whether the company's affairs have been completely wound up and its assets completely liquidated, …

**Ratio:** Section 59(7) of the Insolvency and Bankruptcy Code (IBC) allows the Tribunal to pass an

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**Reasoning:** The Tribunal examined the submissions made by the liquidator and the counsel appearing

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**Interpretation:** Section 59(7) of the IBC is interpreted to mean that if a company undergoing

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**Application:** In this case, the Tribunal applied the ratio of Section 59(7) to the facts

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## Parties

- **Judges:** Manoj Kumar…; KISHORE VEMULAPALL…
- **Respondents:** Albemarle…

## Timeline

- **2007-01-25 — Company Incor…**: Albemarle Chemicals Private Limited was…
- **2018-12-20 — Board Resolution for…**: The Board of Directors resolved to…

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