# In the matter of Eat Real Snacks Private Limited

> NCLT judgment dated 2023-09-13. Citation: TCN-2023-NCLT-01648. The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 13 Sept 2023
- **Citation:** TCN-2023-NCLT-01648
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/eat-real-snacks-private-limited-0923b114

## Summary

### Background

The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 38(3) of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, for the dissolution of Eat Real Snacks Private Limited. The company, incorporated on 09.02.2016, decided to undergo voluntary liquidation due to incurred losses, adverse economic conditions, and non-availability of business prospects. The Board of Directors passed a resolution on 03.10.2022 to liquidate the company and appointed Mr. Naveen Narang as the liquidator.

## Facts

Eat Real Snacks Private Limited (CIN-U15510GJ2016FTC086004) was incorporated on 09.02.2016. The company's authorized share capital was Rs. 4,21,00,000/- divided into 42,10,000 equity shares of Rs.10/- each. The company decided to undergo voluntary liquidation due to incurred losses and adverse economic conditions. The Board of Directors passed a resolution on 03.10.2022 to liquidate the company. Mr. Naveen Narang was appointed as the liquidator. The liquidator made public announcements, intimated IBBI and the Income Tax Department, prepared preliminary and final reports, and distributed available funds of Rs.34,07,077/- to shareholders. No claims were received from creditors. The Income Tax Department reported no outstanding demand. The Registrar of Companies (ROC) did

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## Issues and analysis

### Issue 1: Whether the application for voluntary liquidation of Eat Real Snacks Private Limited under Section …

**Ratio:** Section 59(7) of the Insolvency and Bankruptcy Code, 2016, allows for voluntary

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**Reasoning:** The Adjudicating Authority considered the facts presented, including the resolutions

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**Interpretation:** Section 59(7) provides a mechanism for a solvent corporate person to

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**Application:** The Adjudicating Authority applied Section 59(7) to the facts of the case,

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## Parties

- **Judges:** SHAMMI…; KAUSHALENDRA…
- **Appellants:** Navin N…
- **Respondents:** Eat Real Snacks…; ROC, Gu…

## Timeline

- **2016-02-09 — Company Incor…**: Eat Real Snacks Private…
- **2022-10-03 — Board Reso…**: The Board of Directors passed a…

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