# In the matter of Jai Maa Vaishno Loha Private Limited CP (IB) No.75-ALD-2021

> NCLT judgment dated 2022-01-31. Citation: TCN-2022-NCLT-04328. This case pertains to a petition filed under Section 59 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 31 Jan 2022
- **Citation:** TCN-2022-NCLT-04328
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jai-maa-vaishno-loha-private-limited-cp-ib-no75-ald-2021-561e8c02

## Summary

### Background

This case pertains to a petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, for the voluntary liquidation of Jai Maa Vaishno Loha Private Limited. The company was incorporated on 25.07.2007 under the Companies Act, 1956. The Board of Directors resolved to liquidate the company voluntarily on 28th February 2020, citing that the next generation of the family is keen to start their own businesses.

## Facts

Jai Maa Vaishno Loha Private Limited, incorporated on 25.07.2007, filed a petition for voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company's registered office is located in Muzaffarnagar, Uttar Pradesh. The authorized share capital is ₹60,00,000, divided into 6,00,000 equity shares of ₹10 each, while the issued, subscribed, and paid-up share capital is ₹57,97,500, divided into 5,79,750 equity shares of ₹10 each. The directors decided to liquidate the company as the next generation of the family wanted to start their own businesses. The Board of Directors resolved to liquidate the company on 28th February 2020. The majority of directors approved the Declaration of Solvency on 28th February 2020. The company declared that it

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## Issues and analysis

### Issue 1: Whether the Corporate Person, Jai Maa Vaishno Loha Private Limited, is eligible for voluntary …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, allows a corporate person to

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

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**Interpretation:** Section 59 provides a mechanism for a solvent corporate person to wind up its

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**Application:** In this case, the court found that the Corporate Person had met the conditions

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Respondents:** Jai Maa Vaishno…

## Timeline

- **2007-07-25 — Incorporation o…**: Jai Maa Vaishno Loha Private Limited was…
- **2020-02-28 — Board Resolution for…**: The Board of Directors resolved to…

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