# 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-04316. 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-04316
- **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-2021-930395cc

## 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, incorporated on July 25, 2007, is a family-owned business engaged in the import and export of steel varieties. Due to the next generation's desire to pursue their own businesses, the directors decided to voluntarily liquidate the company. The company's registered office is located in Muzaffarnagar, Uttar Pradesh.

## Facts

Jai Maa Vaishno Loha Private Limited, a company incorporated on July 25, 2007, under the Companies Act, 1956, initiated voluntary liquidation proceedings. The company, a family-owned business dealing in the import and export of steel, decided to liquidate due to the next generation's preference for starting their own businesses. The authorized share capital of the company was ₹60,00,000, while the issued, subscribed, and paid-up share capital was ₹57,97,500. The Board of Directors approved a Declaration of Solvency, stating that the company had no assets, debts, or liabilities and was not being liquidated to defraud anyone. A special resolution was passed in an Extraordinary General Meeting (EGM) to liquidate the company voluntarily and appoint a liquidator. The

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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 Tribunal considered the facts presented, including the company's declaration of

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**Interpretation:** Section 59 provides a mechanism for solvent companies to wind up their affairs

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**Application:** In this case, the Corporate Person demonstrated its solvency and compliance

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## Parties

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

## Timeline

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

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