# In the matter of Chartered Institute Of Insurance And Financial Services Private Limited

> NCLT judgment dated 2023-10-19. Citation: TCN-2023-NCLT-01102. The case pertains to the voluntary liquidation of a company, Chartered Institute of Insurance…

- **Court:** NCLT
- **Order date:** 19 Oct 2023
- **Citation:** TCN-2023-NCLT-01102
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/chartered-institute-of-insurance-and-financial-services-private-limited-1275f309

## Summary

### Background

The case pertains to the voluntary liquidation of a company, Chartered Institute of Insurance and Financial Services Private Limited. The company discontinued its business operations on 15.06.2022 and decided to voluntarily liquidate due to the lack of plans to revive its operations. The Board of Directors approved the declaration of solvency and the voluntary liquidation in their meeting held on 16.12.2022. The shareholders approved the voluntary liquidation and the appointment of Mr. Bharat Ramakant Upadhyay as the liquidator on 09.01.2023.

## Facts

Chartered Institute of Insurance and Financial Services Private Limited was incorporated under the Companies Act, 1956. The company discontinued its business operations on 15.06.2022 and decided to voluntarily liquidate. The Board of Directors approved the declaration of solvency and voluntary liquidation on 16.12.2022. Shareholders approved the voluntary liquidation and appointed Mr. Bharat Ramakant Upadhyay as liquidator on 09.01.2023. The company had no creditors at the time of voluntary liquidation. The liquidator made public announcements and intimated relevant authorities, including the Registrar of Companies, IBBI, and the Income Tax Department. The company's total liabilities were Rs. 37,39,421.68 as of 09.01.2023, with assets including bank balances of Rs

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be dissolved under Section 54 of the Insolvency and Bankruptcy …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, allows for the dissolution of a

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**Reasoning:** The court reasoned that the liquidator's report indicated that no assets were available

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**Interpretation:** Section 54 of the IBC is interpreted to allow for the dissolution of a

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**Application:** The court applied Section 54 to the facts of the case, noting that the

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## Parties

- **Judges:** Prabhat…; V.G. B…
- **Respondents:** Chartered…

## Timeline

- **1956-01-01 — Company Incor…**: Chartered Institute of Insurance and Financial Services Private Limited was incorporated…
- **2022-06-15 — Discontinuation of…**: The Company discontinued…

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