# In the matter of Insannova Clinicals Private Limited

> NCLT judgment dated 2023-09-14. Citation: TCN-2023-NCLT-01614. The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 14 Sept 2023
- **Citation:** TCN-2023-NCLT-01614
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/insannova-clinicals-private-limited-5f8e55fb

## Summary

### Background

The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking voluntary dissolution of Insannova Clinicals Pvt Ltd. The company, incorporated on July 30, 2012, aimed to provide clinical research and development activities but could not commence operations due to a lack of visible business opportunities. The company had no debts and furnished a declaration of solvency. A special resolution was passed on April 28, 2022, for voluntary liquidation, appointing Mr. Vinod Sakaram as the liquidator. The liquidator made public announcements and submitted preliminary reports as required by the IBC. The company had no assets at the time of liquidation.

## Facts

Insannova Clinicals Pvt Ltd, incorporated on July 30, 2012, aimed to conduct clinical research and development. However, it never commenced operations due to a lack of business opportunities. The company had no debts and its directors furnished a declaration of solvency. On April 28, 2022, a special resolution was passed for voluntary liquidation, appointing Mr. Vinod Sakaram as the liquidator. The liquidator made public announcements in newspapers and on the IBBI website, notifying stakeholders of the liquidation. A preliminary report was submitted on June 12, 2022. The company had no assets at the time of liquidation. The liquidator prepared a final report to the ROC and IBBI, complying with IBBI regulations. The final report was sent to the Registrar of Companies on

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Insannova Clinicals Private Limited was completed in …

**Ratio:** Section 59(7) of the Insolvency & Bankruptcy Code, 2016, empowers the Adjudicating

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**Reasoning:** The court perused the contents of the application and heard the counsel appearing for the

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**Interpretation:** Section 59(7) provides the legal basis for the Adjudicating Authority to

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**Application:** The court applied Section 59(7) to the facts of the case, noting that the

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Vinod Sa…
- **Respondents:** Insannova…; Registrar of…

## Timeline

- **2012-07-30 — Company Incor…**: Insannova Clinicals Pvt Ltd was…
- **2022-03-03 — Declaration of…**: Directors furnished a Declaration of…

## 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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