# In the matter of IL&FS Capital Advisors Limited

> NCLT judgment dated 2023-10-11. Citation: TCN-2023-NCLT-01289. The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 11 Oct 2023
- **Citation:** TCN-2023-NCLT-01289
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ilfs-capital-advisors-limited-0946c874

## Summary

### Background

The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, by IL & FS Capital Advisors Limited, seeking voluntary liquidation. The company was incorporated on 26.01.2012 under the Companies Act, 1956, as a public company. The Board of Directors resolved to voluntarily liquidate the company on 19.04.2017, stating that the company was not carrying on any business or earning profits. The directors declared that the company had no debts and was not being liquidated to defraud any person. The liquidator made a public announcement of the commencement of liquidation and submitted a preliminary report stating that the company had no liabilities or realizable assets. The final report of the liquidator was submitted to the

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## Facts

IL & FS Capital Advisors Limited filed a petition for voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 26.01.2012. The Board of Directors resolved to voluntarily liquidate the company on 19.04.2017, citing that the company was not carrying on any business or earning profits. The directors declared that the company had no debts and was not being liquidated to defraud any person. A special resolution to liquidate the company voluntarily was passed on 28.04.2017, and Mr. Vinod Kumar Kothari was appointed as the liquidator. The liquidator made a public announcement of the commencement of liquidation. The liquidator did not receive any claims from creditors. The liquidator submitted a preliminary report

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## Issues and analysis

### Issue 1: Whether the company deserves to be dissolved under Section 59 of the Insolvency and Bankruptcy …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, allows for the voluntary

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**Reasoning:** The court reasoned that the company's affairs had been completely wound up and its assets

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**Interpretation:** Section 59 of the IBC and the IBBI (Voluntary Liquidation Process) Regulations,

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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:** Prabhat…; V.G. B…
- **Respondents:** IL & FS Capital…

## Timeline

- **2012-01-26 — Company Incor…**: IL & FS Capital Advisors Limited was incorporated as a public company under the Companies…
- **2017-04-19 — Board Resolution for…**: The Board of Directors resolved to voluntarily liquidate the company, stating that the…

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