# In the matter of Aucnet Sanrad India Private Limited

> NCLT judgment dated 2024-08-12. Citation: TCN-2024-NCLT-00836. The case pertains to a Company Petition (Application) filed under Section 59(7) of the…

- **Court:** NCLT
- **Order date:** 12 Aug 2024
- **Citation:** TCN-2024-NCLT-00836
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aucnet-sanrad-india-private-limited-8d4b4573

## Summary

### Background

The case pertains to a Company Petition (Application) filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 (IBC) read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, for the voluntary liquidation of Aucnet Sanrad India Private Limited. The company, registered as a Corporate Person, sought dissolution through voluntary liquidation, asserting compliance with all necessary formalities. The application was filed for dissolution under Section 59(7) of the IBC.

## Facts

Aucnet Sanrad India Private Limited, incorporated on 25.08.2015, under the Companies Act, 2013, with CIN: U33111MH2015PTC267759, sought voluntary liquidation. The company's registered office was located in Mumbai, Maharashtra. The authorized share capital was Rs. 3,70,00,00/-, with a paid-up share capital of Rs. 3,45,00,000/- divided into 34,50,000 equity shares of Rs.10/- each. The company was engaged in providing diagnostic services for medical disorders and hiring out medical equipment. The Board of Directors decided to close down the business due to limited financial resources. A resolution dated 22.12.2020, was passed to liquidate the company voluntarily. The company provided audited financial statements for 2018-19 and 2019-20. A special resolution was passed on

…

## Issues and analysis

### Issue 1: Whether the application for voluntary liquidation of the Corporate Person, Aucnet Sanrad India …

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

…

**Reasoning:** The court reasoned that the Corporate Person had complied with the provisions of Section

…

**Interpretation:** The interpretation of Section 59(7) and the related regulations is that a

…

**Application:** In this case, the court applied the ratio by examining the facts and

…

## Parties

- **Judges:** Reeta K…; Madhu S…
- **Respondents:** AUCNET SANRAD…

## Timeline

- **2015-08-25 — Incorporation of Aucnet Sanrad India Private…**: Aucnet Sanrad India Private Limited was…
- **2020-12-22 — Board Resolution for…**: The Board of Directors resolved to…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aucnet-sanrad-india-private-limited-8d4b4573