# In the matter of Ashmore Investment Advisors (India) Private Limited CP(IB) No.649-MB-IV-2021

> NCLT judgment dated 2022-11-02. Citation: TCN-2022-NCLT-00564. This case involves a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 2 Nov 2022
- **Citation:** TCN-2022-NCLT-00564
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ashmore-investment-advisors-india-private-limited-cpib-no649-mb-iv-2021-19415f5b

## Summary

### Background

This case involves a Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, by Ashmore Investment Advisors India Private Limited through its liquidator, Mr. Pranav Damania. The petition seeks to initiate voluntary liquidation proceedings. The company was incorporated on 2008-06-10 under the Companies Act, 1956. The Board of Directors resolved to voluntarily liquidate the company on 2018-12-22.

## Facts

Ashmore Investment Advisors India Private Limited filed a petition under Section 59 of the Insolvency and Bankruptcy Code, 2016, for voluntary liquidation. The company was incorporated on 2008-06-10. The Board of Directors resolved to voluntarily liquidate the company on 2018-12-22. A Special Resolution was passed on 2019-01-16 to liquidate the company and appoint Mr. Pranav Damania as liquidator. The liquidation commencement date is 2019-01-16. The liquidator made a public announcement on 2019-01-18. The company has no creditors. The liquidator submitted preliminary and final reports. The liquidator obtained a No Objection Certificate (NOC) from the Income Tax Department on 2021-02-17. The liquidator opened a bank account for the liquidation process, which was closed

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## Issues and analysis

### Issue 1: Whether the Corporate Person has complied with the requisite formalities and procedure of …

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

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**Reasoning:** The court examined the petition and the annexed documents to determine whether the

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**Interpretation:** Section 59(7) of the IBC allows the NCLT to pass an order for dissolution of

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**Application:** The court found that the Corporate Person had complied with all the necessary

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## Parties

- **Judges:** Manoj Kumar…; KISHORE VEMULAPALL…
- **Respondents:** Ashmore Investment…

## Timeline

- **2008-06-10 — Company Incor…**: Ashmore Investment Advisors India Private Limited was incorporated under the Companies…
- **2018-12-22 — Board Resolution for…**: The Board of Directors resolved to…

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