# In the matter of Finaxar Technology Solutions Private Limited

> NCLT judgment dated 2024-12-02. Citation: TCN-2024-NCLT-00114. The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 2 Dec 2024
- **Citation:** TCN-2024-NCLT-00114
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/finaxar-technology-solutions-private-limited-73369100

## Summary

### Background

The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking voluntary liquidation of Finaxar Technology Solutions Private Limited. The corporate person was incorporated on 10.09.2018 as a wholly-owned subsidiary of Finaxar Holdings Pte. Ltd. The company's authorized share capital is Rs. 1,00,00,000/- and paid-up capital is Rs. 1,00,00,000/-. The company has complied with the requisite formalities and procedures for liquidation. The Board of Directors convened a meeting on 21.07.2024 and resolved to liquidate the company, subject to member approval. Sarthak Ohri, an Insolvency Professional, was appointed as the liquidator.

## Facts

Finaxar Technology Solutions Private Limited, with CIN: U74999MH2018FTC313820, sought voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 10.09.2018 as a wholly-owned subsidiary of Finaxar Holdings Pte. Ltd. The authorized and paid-up capital of the company is Rs. 1,00,00,000/-. The company's registered office is located in Mumbai. The company had two directors, Mr. Amit Prakash Nerurkar and Mr. Shubham Gupta. The company has not carried out any business from 01.04.2024 to 21.06.2024 and has no subsisting debt as of the date of filing the petition. The Board of Directors convened a meeting on 21.07.2024 and resolved to liquidate the company. Sarthak Ohri was appointed as the liquidator. The Board of

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Finaxar Technology Solutions Pvt. Ltd., should be dissolved under …

**Ratio:** Section 59(7) of the Insolvency and Bankruptcy Code, 2016, allows the Tribunal to pass an

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**Reasoning:** The court examined the submissions made by the counsel for the applicant and the

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**Interpretation:** Section 59(7) provides the legal basis for dissolving a corporate debtor after

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**Application:** Based on the submissions and documents, the court determined that Finaxar

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## Parties

- **Judges:** SH. PRABHAT…; V.G. B…
- **Appellants:** Sarthak Ohri…
- **Respondents:** Finaxar Technology…

## Timeline

- **2018-09-10 — Incorpor…**: Finaxar Technology Solutions Private Limited was incorporated as a wholly-owned…
- **2021-08-18 — Declaration of…**: The Board of Directors made a declaration of solvency as required under Section 59(3)(a)…

## 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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