# In the matter of Gupta Polymers Private Limited

> NCLT judgment dated 2024-04-01. Citation: TCN-2024-NCLT-01894. A petition has been filed under Section 59 of the Insolvency and Bankruptcy Code (IBC) seeking…

- **Court:** NCLT
- **Order date:** 1 Apr 2024
- **Citation:** TCN-2024-NCLT-01894
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gupta-polymers-private-limited-e2f56ad2

## Summary

### Background

A petition has been filed under Section 59 of the Insolvency and Bankruptcy Code (IBC) seeking voluntary liquidation. The court heard the submissions made by the Authorized Representative of the Petitioner.

## Facts

A petition has been filed under Section 59 of the IBC seeking voluntary liquidation. The submissions of the Authorized Representative of the Petitioner were heard. The court issued notice to the RoC and IBBI to file their report/comments and appearance. The matter is listed on 22.05.2024.

## Issues and analysis

### Issue 1: Whether the petition for voluntary liquidation …

**Ratio:** Section 59 of the IBC governs the voluntary liquidation of corporate persons. The

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**Reasoning:** The court needs to ensure that the petitioner meets all the conditions stipulated under

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**Interpretation:** Section 59 provides a mechanism for a solvent corporate person to initiate

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**Application:** The court will apply the provisions of Section 59 to the facts presented in the

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; Sanjeev R…
- **Respondents:** Gupta Polymers…
- **Advocates:** Jyoti Kh…

## Timeline

- **2024-04-01 — Order Del…**: Order delivered on 01.04.2024 regarding the…
- **2024-05-22 — Next Hearin…**: The matter is listed for…

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