# In the matter of Guardicore India Private Limited

> NCLT judgment dated 2024-04-15. Citation: TCN-2024-NCLT-01730. The case pertains to an application filed by Ms. Chitra Srinivas, the Liquidator of Guardicore…

- **Court:** NCLT
- **Order date:** 15 Apr 2024
- **Citation:** TCN-2024-NCLT-01730
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/guardicore-india-private-limited-01a5c6fb

## Summary

### Background

The case pertains to an application filed by Ms. Chitra Srinivas, the Liquidator of Guardicore India Private Limited, for the dissolution of the Corporate Person under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 38 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. Guardicore India Private Limited, a wholly-owned subsidiary of Guardicore Ltd., Israel, decided to voluntarily liquidate as part of a reorganization and restructuring of the Group. The company was incorporated on 15/09/2020 and engaged in marketing data center and cloud security products. The Board of Directors decided to wind up the Company voluntarily, and a Special Resolution was passed in an Extra-Ordinary General Meeting

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## Facts

Guardicore India Private Limited, a subsidiary of Guardicore Ltd., Israel, was incorporated on 15/09/2020. The company's business involved marketing data center and cloud security products. Due to a reorganization and restructuring of the Group, the Board of Directors decided to voluntarily liquidate the company. The company's authorized share capital was Rs. 22,50,000/-, divided into 2,25,000 Equity Shares of Rs. 10/- each. A Special Resolution was passed on 05th May, 2022, to liquidate the Company voluntarily, and Ms. Chitra Srinivas was appointed as the Liquidator. The Liquidator made a public announcement of the commencement of liquidation on 09.05.2022. The company had no creditors and no pending litigation. The Liquidator made a payment of INR 42,250/- towards

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## Issues and analysis

### Issue 1: Whether the application for dissolution of Guardicore India Private Limited under Section 59(7) of …

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

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**Reasoning:** The court examined the submissions of the learned counsel for the Liquidator and perused

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**Interpretation:** Section 59(7) of the IBC allows a corporate person to initiate voluntary

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**Application:** The court applied Section 59(7) of the IBC and Regulation 38 of the IBBI

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Respondents:** Guardicore India…
- **Advocates:** Avinash R.…; Ashwini…; +1 more

## Timeline

- **2020-09-15 — Company Incor…**: Guardicore India Private Limited was incorporated in India as a private company limited…
- **2022-05-04 — Board Me…**: The Board of Directors decided to…

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