# In the matter of Guthy-renker Marketing Private Limited

> NCLT judgment dated 2023-04-19. Citation: TCN-2023-NCLT-03713. The case pertains to the voluntary liquidation of Guthy-Renker Marketing Pvt. Ltd. under…

- **Court:** NCLT
- **Order date:** 19 Apr 2023
- **Citation:** TCN-2023-NCLT-03713
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/guthy-renker-marketing-private-limited-72e55dba

## Summary

### Background

The case pertains to the voluntary liquidation of Guthy-Renker Marketing Pvt. Ltd. under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. The company was incorporated on 20.06.2007. The liquidator, Mr. Arun Gupta, filed an application before the Adjudicating Authority on 03.06.2020.

## Facts

Guthy-Renker Marketing Pvt. Ltd. initiated voluntary liquidation proceedings under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on June 20, 2007. The liquidator, Mr. Arun Gupta, filed an application before the NCLT. The company's authorized share capital was Rs. 25,00,00,000/-, and the paid-up share capital was Rs. 24,99,40,430/-. The Board of Directors passed a resolution for voluntary liquidation on November 13, 2017. The members of the company approved the voluntary liquidation and the appointment of Mr. Arun Gupta as liquidator in an Extra-Ordinary General Meeting held on December 6, 2017. The company had no accrued expenses or debts outstanding. The resolution was notified to the ROC and IBBI. A public announcement was

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## Issues and analysis

### Issue 1: Whether the application for voluntary liquidation of Guthy-Renker Marketing Pvt. Ltd. should be …

**Ratio:** The legal principle applied is Section 59(7) of the Insolvency and Bankruptcy Code, 2016,

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**Reasoning:** The court reasoned that the affairs of the Applicant Company have been completely wound

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**Interpretation:** Section 59(7) of the IBC allows for voluntary liquidation if the company's

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**Application:** The court applied the ratio to the facts by considering the submissions made by

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## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Appellants:** Arun G…
- **Respondents:** GUTHY-RENKER…

## Timeline

- **2007-06-20 — Company Incor…**: Guthy-Renker Marketing…
- **2017-11-13 — Board Reso…**: The Board of Directors passed a resolution…

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