# In the matter of CVS Strategic Resources Private Limited

> NCLT judgment dated 2024-08-20. Citation: TCN-2024-NCLT-00776. The case pertains to an application filed under sub-section (7) of Section 59 of the Insolvency…

- **Court:** NCLT
- **Order date:** 20 Aug 2024
- **Citation:** TCN-2024-NCLT-00776
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/cvs-strategic-resources-private-limited-7a4702a7

## Summary

### Background

The case pertains to an application filed under sub-section (7) of Section 59 of the Insolvency and Bankruptcy Code, 2016, read with sub-regulation (3) of Regulation 38 of the Insolvency and Bankruptcy Board (Voluntary Liquidation Process) Regulations, 2017. The application seeks the dissolution of CVS Strategic Resources Private Limited, which initiated voluntary liquidation due to not commencing any business activities since its incorporation and foreseeing no viable business opportunities. The company passed a special resolution to liquidate voluntarily and appointed Mr. Shashikant Shravan Dhamne as the liquidator.

## Facts

CVS Strategic Resources Private Limited was incorporated on 2022-03-10 under the Companies Act, 2013. The company never commenced any business activities and foresaw no viable business opportunities. On 2022-12-21, the Board of Directors approved the voluntary liquidation of the company. A special resolution to liquidate the company voluntarily was passed on 2023-01-31, and Mr. Shashikant Shravan Dhamne was appointed as the liquidator. The liquidator made a public announcement of the commencement of liquidation on 2023-02-04. No claims were received from creditors. The company's bank account was converted into a liquidation account. The liquidator notified various departments, including the Income Tax Department and GST Department, about the liquidation. Surplus funds

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## Issues and analysis

### Issue 1: Whether the affairs of the Corporate …

**Ratio:** Section 59(8) of the Insolvency and Bankruptcy Code (IBC), 2016 allows for the

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**Reasoning:** The court examined the submissions made by the liquidator and perused the documents

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**Interpretation:** The interpretation of Section 59(8) of the IBC, 2016 is that once all the

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**Application:** In this case, the liquidator had taken all necessary steps to wind up the

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## Parties

- **Judges:** K. Bi…; Manoj Kumar…
- **Appellants:** Shashikant…
- **Respondents:** CVS Strategic…; THE REGISTRAR OF…

## Timeline

- **2022-03-10 — Incorporation of CVS Strategic Resources…**: CVS Strategic Resources Private Limited was…
- **2022-12-21 — Board Resolution for…**: The Board of Directors approved the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 2(41) — Application](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-2)

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