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

> NCLT judgment dated 2023-10-19. Citation: TCN-2023-NCLT-01108. 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-01108
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/chartered-institute-of-insurance-and-financial-services-private-limited-92778cc7

## Summary

### Background

The case pertains to the voluntary liquidation of a company, Chartered Institute of Insurance and Financial Services Private Limited, initiated under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company had discontinued its business operations and the management decided to voluntarily liquidate it in the interest of all stakeholders. The Board of Directors approved the declaration of solvency, and the shareholders approved the voluntary liquidation and the appointment of Mr. Bharat Ramakant Upadhyay as the liquidator.

## Facts

Chartered Institute of Insurance and Financial Services Private Limited was incorporated under the Companies Act, 1956. The company discontinued its business operations from 15.06.2022 and decided to undergo voluntary liquidation. The Board of Directors approved the declaration of solvency on 16.12.2022, and the shareholders approved the voluntary liquidation on 09.01.2023, appointing Mr. Bharat Ramakant Upadhyay as the liquidator. The company had no creditors as of the date of voluntary liquidation. The liquidator made a public announcement on 11.01.2023. The company's total liabilities were Rs. 37,39,421.68 as of 09.01.2023, with assets including bank balances of Rs 365,26,351.68 and receivables of Rs 22,60,003. After liquidation adjustments, the remaining amount was

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process was conducted in accordance with the Insolvency and …

**Ratio:** The ratio is based on the provisions of Section 59 of the Insolvency and Bankruptcy Code,

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**Reasoning:** The court reviewed the actions taken by the liquidator, including making public

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**Interpretation:** The interpretation involves understanding the procedural requirements of the

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**Application:** The ratio and reasoning were applied to the specific facts of the case,

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## Parties

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

## Timeline

- **2000-03-25 — Incorpor…**: Chartered Institute of Insurance and Financial Services Private Limited was incorporated…
- **2022-06-15 — Discontinuation of…**: The Company discontinued…

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