# In the matter of Education Development Center India

> NCLT judgment dated 2023-10-18. Citation: TCN-2023-NCLT-01137. The case pertains to the voluntary liquidation of Education Development Center India, initiated…

- **Court:** NCLT
- **Order date:** 18 Oct 2023
- **Citation:** TCN-2023-NCLT-01137
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/education-development-center-india-d9c22e7e

## Summary

### Background

The case pertains to the voluntary liquidation of Education Development Center India, initiated under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company, incorporated in 2006 as a non-profit organization, sought voluntary liquidation after a board resolution declaring solvency. The application was filed by the liquidator, Vinod Sunder Raman. The company complied with the necessary regulatory requirements, including notifying the Registrar of Companies and the IBBI, publishing public announcements, and intimating the Income Tax Department. The Registrar of Companies raised an observation regarding the non-filing of balance sheets and annual returns for a specific period, which the applicant addressed by stating that such filings were not required after

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## Facts

Education Development Center India, incorporated on June 1, 2006, as a non-profit organization, initiated voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company's board of directors declared solvency on February 25, 2022, and approved the voluntary liquidation proposal. Vinod Sunder Raman was appointed as the liquidator. The company notified the Registrar of Companies and the IBBI about the special resolution and filed a declaration of solvency. Public announcements were made in newspapers on March 3, 2022, inviting claims. The liquidator intimated the Income Tax Department about the initiation of voluntary liquidation. The company had no assets to be realized and no outside liabilities. No claims were received from the

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## Issues and analysis

### Issue 1: Whether the liquidator has complied with the statutory provisions of Section 59 of the Insolvency …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, read with the IBBI (Voluntary

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

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**Interpretation:** The statutory provisions and regulations are interpreted to ensure that the

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**Application:** The court found that the liquidator had complied with the statutory provisions

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## Parties

- **Judges:** MANNI SANKARIAH…; BINOD KUMAR…
- **Appellants:** Education…
- **Respondents:** Education…; Registrar Of…

## Timeline

- **2006-06-01 — Company Incor…**: Education Development Center India was…
- **2022-02-25 — Board Me…**: The Board of Directors declared the solvency of the company and approved the proposal for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59 — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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