# In the matter of Himalaya Container and Cartons Private Limited C.P. (IB) No. 104-BB-2021

> NCLT judgment dated 2022-06-08. Citation: TCN-2022-NCLT-02322. The case pertains to the voluntary liquidation of M/s. Himalaya Containers and Cartons Private…

- **Court:** NCLT
- **Order date:** 8 Jun 2022
- **Citation:** TCN-2022-NCLT-02322
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/himalaya-container-and-cartons-private-limited-cp-ib-no-104-bb-2021-712d2951

## Summary

### Background

The case pertains to the voluntary liquidation of M/s. Himalaya Containers and Cartons Private Limited under Section 59 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 03.02.1971. The Board of Directors passed a resolution for voluntary liquidation on 15.03.2021, and a special resolution was passed on 22.03.2021 to appoint a liquidator. Public announcements were made, and the liquidator took steps to wind up the company's affairs, including opening and closing a bank account, submitting reports, and auditing the accounts.

## Facts

M/s. Himalaya Containers and Cartons Private Limited was incorporated on 03.02.1971. Its authorized share capital was Rs.30,00,000, divided into 3,000 equity shares of Rs.1,000 each, with an issued, subscribed, and paid-up capital of Rs.8,70,000 divided into 870 equity shares of Rs.1,000 each. The company's main object was property development. The Board of Directors resolved on 15.03.2021 to declare solvency and commence voluntary liquidation, as per Section 59 of the IBC, 2016. A special resolution was passed on 22.03.2021 to liquidate the company voluntarily, appointing Mr. Nurani Subramanian Suryanarayanan as Liquidator. The liquidator made public announcements on 23.03.2021, intimating the ROC on 25.03.2021, and submitted a preliminary report on 27.04.2021. A bank

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## Issues and analysis

### Issue 1: Whether the Applicant Company, M/s. Himalaya Containers and Cartons Private Limited, should be …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, and the IBBI (Voluntary

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**Reasoning:** The court reasoned that the liquidator had taken all necessary steps as per the Code and

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**Interpretation:** Section 59 of the IBC and the related regulations are interpreted to mean that

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Ajay Kumar…; Manoj Kumar…
- **Respondents:** M/s. Himalaya…

## Timeline

- **1971-02-03 — Company Incor…**: M/s. Himalaya Containers and Cartons…
- **2021-03-15 — Board Resolution for…**: The Board of Directors resolved to declare…

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