# In the matter of Entco Music Private Limited

> NCLT judgment dated 2024-01-05. Citation: TCN-2024-NCLT-03306. The case pertains to a Company Petition filed under Section 59(7) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 5 Jan 2024
- **Citation:** TCN-2024-NCLT-03306
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/entco-music-private-limited-aa2f2773

## Summary

### Background

The case pertains to a Company Petition filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, seeking the dissolution of Entco Music Private Limited following a voluntary liquidation process. The company faced financial difficulties due to the pandemic and decided to voluntarily wind up its operations after selling its assets. The liquidator, Mr. Sunil Gajanan Nanal, initiated the liquidation process, made public announcements, and addressed various government authorities. The company's affairs were completely wound up, and its assets were liquidated.

## Facts

Entco Music Private Limited, incorporated on 24.04.2019, faced financial difficulties due to the pandemic and decided to voluntarily liquidate. The company's authorized and paid-up share capital was ₹1,00,000. Majority of the assets were sold to Canvas Talent Pvt. Ltd in December 2021. Mr. Sunil Gajanan Nanal was appointed as the liquidator. The liquidator made public announcements and informed relevant authorities about the liquidation process. The company had receivables from Income Tax, part of which was received. After paying liquidation costs, the surplus was distributed to shareholders, Believe International SARL and Believe Digital Pvt. Ltd. The liquidator submitted preliminary and final reports. The tribunal sought confirmation from RoC Mumbai regarding any

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## Issues and analysis

### Issue 1: Whether the Corporate Person has complied with requisite formalities and procedure of liquidation …

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

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**Reasoning:** The Petitioner submitted that the Corporate Person has complied with requisite

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**Interpretation:** The legal issue concerns the interpretation and application of Section 59 of

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**Application:** The Corporate Person followed the procedure of liquidation as per law and filed

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## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Respondents:** Entco Music…

## Timeline

- **2019-04-24 — Company Incor…**: Entco Music Private Limited was…
- **2021-12-01 — Asset Sa…**: Majority of the assets of the Corporate…

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