# In the matter of Hinduja Insurance Broking and Advisory Services Limited CP(IB)16-(CHE)-2023

> NCLT judgment dated 2023-06-21. Citation: TCN-2023-NCLT-02861. The case pertains to the voluntary liquidation of M/s. Hinduja Insurance Broking and Advisory…

- **Court:** NCLT
- **Order date:** 21 Jun 2023
- **Citation:** TCN-2023-NCLT-02861
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hinduja-insurance-broking-and-advisory-services-limited-cpib16-che-2023-a92684d9

## Summary

### Background

The case pertains to the voluntary liquidation of M/s. Hinduja Insurance Broking and Advisory Services Limited under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation) Regulations, 2017. The company was incorporated as a Public Limited Company under the Companies Act, 2013, with the objective of acting as a direct broker in the Insurance Regulatory and Development Authority (Insurance Brokers) Regulations, 2018. The company's authorized share capital was Rs. 2,00,00,000, divided into 20,00,000 equity shares of Rs. 10 each, with a paid-up share capital of Rs. 1,00,00,000, divided into 10,00,000 equity shares of Rs. 10 each. The company did not commence any business since its inception

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## Facts

M/s. Hinduja Insurance Broking and Advisory Services Limited was incorporated as a Public Limited Company under the Companies Act, 2013, intending to operate as an insurance broker. However, the company never commenced business operations and did not hold any assets. The authorized share capital was Rs. 2,00,00,000, and the paid-up share capital was Rs. 1,00,00,000. The Board of Directors, in a meeting held on 2022-09-23, resolved to voluntarily liquidate the company under Section 59 of the Insolvency and Bankruptcy Code (IBC), 2016. A declaration of solvency was made, and Sri. T. Ranganathan was appointed as the liquidator. The company's assets included financial assets and cash equivalents, totaling Rs. 10,352.13 (in thousands). Liabilities included share capital,

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of M/s. Hinduja Insurance Broking and Advisory Services …

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

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**Reasoning:** The court examined the records and submissions of the liquidator, including the public

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**Interpretation:** Section 59 provides a framework for companies to voluntarily liquidate their

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**Application:** In this case, the liquidator made public announcements, invited claims,

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## Parties

- **Judges:** SANJIV…; SAMEER…
- **Appellants:** T. Rangan…
- **Respondents:** Hinduja Insurance…

## Timeline

- **2013-01-01 — Company Incor…**: Hinduja Insurance Broking and Advisory Services Limited was incorporated under the…
- **2022-09-23 — Board Resolution for…**: The Board of Directors passed a resolution to voluntarily liquidate the company as per…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59 — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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