# In the matter of Insannova Clinicals Private Limited

> NCLT judgment dated 2023-09-14. Citation: TCN-2023-NCLT-01610. The case pertains to a Company Petition (IB/110/59/HDB/2023) filed under Section 59 of the…

- **Court:** NCLT
- **Order date:** 14 Sept 2023
- **Citation:** TCN-2023-NCLT-01610
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/insannova-clinicals-private-limited-b31466ac

## Summary

### Background

The case pertains to a Company Petition (IB/110/59/HDB/2023) filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking voluntary dissolution of Insannova Clinicals Pvt Ltd. The company, engaged in clinical research and development, sought liquidation due to its inability to commence business activities. The liquidator, Mr. Vinod Sakaram, initiated the voluntary liquidation process, adhering to the regulations and guidelines prescribed by the IBBI. The company had no outstanding debts or assets at the time of liquidation.

## Facts

Insannova Clinicals Pvt Ltd, incorporated on July 30, 2012, under the Companies Act, 1956, sought voluntary liquidation due to its inability to commence business activities. The company's registered office is located in Hyderabad, Telangana. The company's main objective was to provide Clinical Research and Development Activities. The company had not borrowed any money or committed any default. A declaration of solvency was furnished by the directors on March 3, 2022. A special resolution for voluntary liquidation was passed on April 28, 2022, appointing Mr. Vinod Sakaram as the liquidator. Public announcements were made in newspapers and on the IBBI website. The liquidator submitted a preliminary report on June 12, 2022. No claims were received from creditors, and

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Insannova Clinicals Pvt Ltd was conducted in …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, along with the relevant

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**Reasoning:** The court perused the contents of the application and the exhibits annexed thereto, which

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**Interpretation:** Section 59 of the IBC, 2016, is interpreted to provide a structured mechanism

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**Application:** In this case, the liquidator's actions, as evidenced by the documents

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Respondents:** Insannova…; Registrar of…
- **Advocates:** PVKS.Radha…

## Timeline

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

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