# In the matter of Inclov Technologies Private Limited  CP(IB) No.436-MB-IV-2022

> NCLT judgment dated 2022-08-26. Citation: TCN-2022-NCLT-01260. The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 26 Aug 2022
- **Citation:** TCN-2022-NCLT-01260
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/inclov-technologies-private-limited-cpib-no436-mb-iv-2022-9b74da53

## Summary

### Background

The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, for the voluntary liquidation of Inclov Technologies Private Limited. The company was incorporated on 01/03/2016. The Board of Directors resolved to voluntarily liquidate the company on 04.02.2021. The members of the company passed a Special Resolution on 28.02.2021 to liquidate the company voluntarily and appointed Mr. Anish Gupta as the liquidator. The liquidator made a public announcement inviting claims from stakeholders. The liquidator submitted the resolution for the commencement of liquidation, the appointment of a liquidator and a public announcement made in the newspaper to the Registrar of Companies. The liquidator has filed this petition before the

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## Facts

Inclov Technologies Private Limited (CIN: U74120MH2016PTC273662) filed a Company Petition under Section 59 of the Insolvency and Bankruptcy Code, 2016, for voluntary liquidation. The company was incorporated on 01/03/2016 as a Private Company Limited by Shares with Registrar of Companies, Mumbai. The Authorized Share capital of the Company is ₹ 5,00,000/- divided into 50,000 Equity Shares of ₹10/- each. The Issued, Subscribed and Paid-up Share Capital of the Company is ₹ 129,750/- divided into 12,975 Equity Shares of ₹10/- each. The registered office is in Mumbai. The company has three directors: Mr. Sarbvir Singh, Ms. Kalyani Ashok Khona, and Shankar Srinivasan. The Board of Directors resolved to voluntarily liquidate the company on 04.02.2021. The liquidation

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## Issues and analysis

### Issue 1: Whether the company has complied with the requirements of Section 59 of the Insolvency and …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, outlines the procedure for

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**Reasoning:** The court considered the fact that the company had passed a special resolution for

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**Interpretation:** Section 59 of the IBC is interpreted to provide a mechanism for companies that

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**Application:** In this case, the court applied the provisions of Section 59 to the facts

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## Parties

- **Judges:** KISHORE VEMULAPALL…; Manoj Kumar…
- **Respondents:** INCLOV TECHNOLOGIE…

## Timeline

- **2016-03-01 — Company Incor…**: Inclov Technologies Private…
- **2021-02-04 — Board Reso…**: The Board of Directors resolved to…

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