# In the matter of Dastoor Medichem Private Ltd.

> NCLT judgment dated 2023-10-12. Citation: TCN-2023-NCLT-01267. The case pertains to an application filed by Dastoor Medichem Private Limited through its…

- **Court:** NCLT
- **Order date:** 12 Oct 2023
- **Citation:** TCN-2023-NCLT-01267
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/dastoor-medichem-private-ltd-d6c38b25

## Summary

### Background

The case pertains to an application filed by Dastoor Medichem Private Limited through its liquidator, Hemanshu L. Kapadia, for the dissolution of the company under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 38(3) of the IBBI (Voluntary Liquidation Process) Regulations, 2017. The company was incorporated as a private limited company on 15.12.1987. The company's authorized and paid-up share capital is Rs. 5,00,000. The company was involved in the manufacturing of non-pareil seeds, but had no business operations for over 10 years, with only some income from other sources. The Board of Directors decided to wind up the company due to its financial position and declared solvency. A special resolution was passed on 25th May, 2021, to

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## Facts

Dastoor Medichem Private Limited, CIN No. U24231GJ1987PTC010193, was incorporated on 15.12.1987. The company's authorized and paid-up share capital is Rs. 5,00,000. The company was involved in the manufacturing of non-pareil seeds, but had no business operations for over 10 years, with only some income from other sources. The Board of Directors decided to wind up the company due to its financial position and declared solvency. The Directors made a declaration of solvency by an affidavit. The record of business operations i.e. Annual Returns, Documents, reports etc. were prepared under Section 134 and the Audited Financial statements for financial year ended 31st March, 2020 and also the Audited Financial statement for the period from 1st April, 2020 to 31st March, 2021

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## Issues and analysis

### Issue 1: Whether the affairs of the Company have been completely wound up and the assets of the Applicant …

**Ratio:** Section 59(8) of the Insolvency and Bankruptcy Code, 2016, allows the Tribunal to pass an

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**Reasoning:** The Tribunal perused the documents annexed to the Application and noted that the affairs

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**Interpretation:** Section 59(8) provides the legal basis for the dissolution of a corporate

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**Application:** In this case, the Tribunal found that the liquidator had submitted sufficient

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## Parties

- **Judges:** Chitra Ha…; V. G. Venkata…
- **Appellants:** Hemanshu L…
- **Respondents:** Dastoor Medichem…

## Timeline

- **1987-12-15 — Company Incor…**: Dastoor Medichem Private…
- **1988-06-06 — Charge Cr…**: The Company had created…

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