# In the matter of Atlas Converting Equipment (India) Private Limited

> NCLT judgment dated 2024-07-26. Citation: TCN-2024-NCLT-00950. The case pertains to a Company Petition filed by Mr. Kashyap A. Shah, the Liquidator of Atlas…

- **Court:** NCLT
- **Order date:** 26 Jul 2024
- **Citation:** TCN-2024-NCLT-00950
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/atlas-converting-equipment-india-private-limited-28046e34

## Summary

### Background

The case pertains to a Company Petition filed by Mr. Kashyap A. Shah, the Liquidator of Atlas Converting Equipment (India) Private Limited, seeking the dissolution of the company under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. The company, engaged in providing marketing assistance services until November 2021, initiated voluntary liquidation due to being non-operative and lacking future business plans. The company was incorporated as a Private Limited Company on 11.11.2011. The liquidator followed all necessary procedures, including making public announcements, informing relevant authorities, and distributing the proceeds from the company's assets

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## Facts

Atlas Converting Equipment (India) Private Limited (CIN: U74930MH2011FTC223810) was incorporated on 11.11.2011. The company was engaged in providing marketing assistance services until November 2021, after which it became non-operative due to lack of revenue and future business plans. The company's authorized share capital was Rs. 10,00,000/- divided into 1,00,000 equity shares of Rs.10/- each, and the issued, subscribed, and fully paid-up share capital was Rs.1,00,000/- divided into 10,000 equity shares of Rs.10/- each held by two foreign companies. The shareholders decided to liquidate the company voluntarily. Mr. Kashyap A. Shah was appointed as the Liquidator. The company filed a petition for voluntary liquidation under Section 59(7) of the Insolvency and

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Atlas Converting Equipment (India) Private Limited was …

**Ratio:** Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read with the Voluntary

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**Reasoning:** The court reviewed the liquidator's actions, including the filing of the petition, making

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**Interpretation:** Section 59(7) mandates that the corporate person has been completely wound up

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**Application:** The court found that the liquidator had complied with all necessary procedures

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## Parties

- **Judges:** K. R. SAJI…; SANJIV…
- **Appellants:** Kashyap A…
- **Respondents:** Atlas Converting…

## Timeline

- **2011-11-11 — Company Incor…**: Atlas Converting Equipment (India) Private Limited was incorporated as a Private Limited…
- **2021-11-01 — Company Ceases…**: The Company has been non-operative since November, 2021 and has had no revenue from…

## 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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