# In the matter of India Centric Education Hub Private Limited

> NCLT judgment dated 2024-02-08. Citation: TCN-2024-NCLT-02703. This case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 8 Feb 2024
- **Citation:** TCN-2024-NCLT-02703
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/india-centric-education-hub-private-limited-a7afccb8

## Summary

### Background

This case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, for the dissolution of India Centric Education Hub Private Limited. The company was incorporated on 14.07.2017 under the Companies Act, 2013, with its registered office in Delhi. The company's main objective was to provide marketing support to educational institutions. The Board of Directors decided to wind up the company due to a slowdown in operations. A special resolution was passed on 20.12.2021 to liquidate the company voluntarily, and Mr. Thirupal Gorige was appointed as the liquidator. Public announcements were made, and the company notified the RoC and IBBI about the liquidation process. The liquidator opened a bank account and submitted preliminary and

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## Facts

India Centric Education Hub Private Limited was incorporated on 14.07.2017 under the Companies Act, 2013. The company's registered office is located in Delhi. The primary business objective was providing marketing support to educational institutions. Due to a slowdown in operations, the Board of Directors decided to wind up the company. A special resolution was passed on 20.12.2021 to initiate voluntary liquidation. Mr. Thirupal Gorige was appointed as the liquidator. The liquidator made public announcements on 24.12.2021, notifying stakeholders of the liquidation. The company notified the RoC and IBBI about the special resolution and declaration of solvency. The liquidator filed preliminary and final reports. The final report, submitted on 19.05.2023, indicated the

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## Issues and analysis

### Issue 1: Whether the requirements of Section 59 of the Insolvency and Bankruptcy Code, 2016, have been met …

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

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**Reasoning:** The court examined the documents and submissions made by the liquidator and found that

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**Interpretation:** Section 59 is interpreted to mean that if a company follows the prescribed

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**Application:** In this case, the court applied the ratio by verifying that India Centric

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Respondents:** India Centric…; Registrar of…

## Timeline

- **2017-07-14 — Company Incor…**: India Centric Education Hub Private Limited was incorporated under the Companies Act,…
- **2021-12-08 — Board of Directors…**: The Board of Directors decided to wind up the affairs of the Company by way of voluntary…

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