# In the matter of Biocad India Private Limited

> NCLT judgment dated 2023-07-20. Citation: TCN-2023-NCLT-02400. M/s. Biocad India Pvt. Ltd. filed a Company Petition (C.P. (IB)No.47/BB/2023) under Section 59…

- **Court:** NCLT
- **Order date:** 20 Jul 2023
- **Citation:** TCN-2023-NCLT-02400
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/biocad-india-private-limited-29a031bd

## Summary

### Background

M/s. Biocad India Pvt. Ltd. filed a Company Petition (C.P. (IB)No.47/BB/2023) under Section 59 & 60(5)(A) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to withdraw from voluntary liquidation. The company initiated voluntary liquidation due to global geopolitical situations, specifically the military operation in Russia and Ukraine, which disrupted supply chains. The parent company, JSC 'BIOCAD', is located in Russia, making it necessary to adopt new global business strategies. The company now wishes to revive its business operations in India due to India's strong position in the pharmaceutical industry.

## Facts

M/s. Biocad India Pvt. Ltd. initiated voluntary liquidation due to the military operation in Russia and Ukraine, which disrupted supply chains. The parent company, JSC 'BIOCAD', is located in Russia. The company convened a Board Meeting on 05.02.2022, and an Extra-Ordinary General meeting was held on 23.02.2022, where a special resolution was passed to appoint Mr. Dinesh Gopal Mundada as the Official Liquidator. Payments were made to the auditor and directors from the company's bank accounts. The auditor and directors reversed the amounts into the Corporate Person's bank account dated 25th, 27th and 28th of November 2022. An Extra-Ordinary General meeting was held on 28.05.2022, where a resolution was passed to withdraw the voluntary liquidation process. The company

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation proceedings of …

**Ratio:** The Adjudicating Authority has the power to terminate voluntary liquidation proceedings

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**Reasoning:** The court considered the company's intent to revive its business in India, the absence of

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**Interpretation:** This interpretation allows for the termination of voluntary liquidation

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**Application:** The court applied this principle to the facts of the case, noting that the

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## Parties

- **Judges:** T. Krishn…; Manoj Kumar…
- **Respondents:** M/s. Biocad India…; The Registrar of…
- **Advocates:** Vikram Hu…; Gaurav Si…; +1 more

## Timeline

- **2022-02-05 — Board Me…**: The Company convened a Board Meeting and resolved to voluntarily liquidate the affairs of…
- **2022-02-23 — Extra-Ordinary General…**: An Extra-Ordinary General meeting was held, and a special resolution was passed to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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