# In the matter of Intap Edulabs Private Limited CP (IB) No. 49-59-JPR-2021

> NCLT judgment dated 2022-10-19. Citation: TCN-2022-NCLT-00681. The case pertains to the voluntary liquidation of Intap Edulabs Private Limited under Section…

- **Court:** NCLT
- **Order date:** 19 Oct 2022
- **Citation:** TCN-2022-NCLT-00681
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/intap-edulabs-private-limited-cp-ib-no-49-59-jpr-2021-688817fa

## Summary

### Background

The case pertains to the voluntary liquidation of Intap Edulabs Private Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016, read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. The company, incorporated on 06.11.2012, sought voluntary liquidation due to ceasing of business operations. The company passed a board resolution on 23.08.2021 to voluntarily liquidate, subject to member approval in an Annual General Meeting (AGM). The directors filed affidavits on 19.09.2021, declaring the company's solvency. The members unanimously voted for liquidation in the AGM held on 23.09.2021, and Mr. Sandeep Kumar Jain was appointed as the liquidator.

## Facts

Intap Edulabs Private Limited, a company incorporated on 06.11.2012, with CIN: U80302RJ2012PTC040607, sought voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company's registered office is at S.B.-ONE, Bapu Nagar, J.L.N. Marg, Jaipur, - 302015. The authorized share capital is Rs. 10,00,000/-, and the paid-up share capital is Rs. 5,00,000/-. The company's main objects included developing web-based applications in the cultural, entertainment, and education sectors. The company has three directors: Mr. Pramod Patni, Mr. Nishant Patni, and Mr. Pranshu Patni. Due to ceasing business operations, the company reduced its business and passed a board resolution on 23.08.2021 to voluntarily liquidate. The directors filed affidavits on

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Intap Edulabs Private Limited was conducted in …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, read with the IBBI (Voluntary

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**Reasoning:** The court examined the various steps taken by the company and the liquidator, including

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**Interpretation:** Section 59 and the associated regulations outline the procedure for voluntary

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**Application:** The court found that Intap Edulabs Private Limited had complied with all the

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## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Respondents:** Intap Edulabs…

## Timeline

- **2012-11-06 — Company Incor…**: Intap Edulabs Private…
- **2021-08-23 — Board Reso…**: The company passed a Board…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 176 — Final dividend](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-176)

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