# In the matter of Guardicore India Private Limited

> NCLT judgment dated 2024-04-15. Citation: TCN-2024-NCLT-01734. 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-01734
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/guardicore-india-private-limited-955217b1

## 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 of data centre 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

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## Facts

Guardicore India Private Limited, a wholly-owned subsidiary of Guardicore Ltd., Israel, was incorporated on 15/09/2020. The company engaged in marketing data centre and cloud security products. Due to a reorganization and restructuring of the Group, the Board of Directors decided to voluntarily liquidate the company. A Special Resolution was passed on 05th May, 2022, to liquidate the company and appoint Ms. Chitra Srinivas as the Liquidator. The Liquidator made a public announcement of commencement of liquidation on 09/05/2022. The Liquidator served notice of his appointment to the Income Tax Department on 10th November, 2021. The Liquidator obtained a Clearance Certificate from the Profession Tax Officer dated 22/03/2022. The Liquidator submitted the Preliminary

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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 dissolution of

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**Reasoning:** The Tribunal examined the submissions and perused the documents annexed to the

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**Interpretation:** Section 59(7) of the IBC is interpreted to mean that once the voluntary

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**Application:** Since the affairs of Guardicore India Private Limited have been completely

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Respondents:** Guardicore India…

## Timeline

- **2020-09-15 — Company Incor…**: Guardicore India Private…
- **2021-10-18 — Notification to…**: The Profession Tax Department was notified about the voluntary liquidation of the…

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