# 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-04325. The 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-04325
- **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-c52b4dfc

## Summary

### Background

The 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 in a meeting held on 28th February 2020, citing that the next generation of the family is keen to start their own businesses. The company's registered office is located in Muzaffarnagar, Uttar Pradesh.

## 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 in Muzaffarnagar, Uttar Pradesh. The authorized share capital is ₹60,00,000, and the issued, subscribed, and paid-up share capital is ₹57,97,500. The directors decided to close the business due to the next generation's interest in starting their own businesses. A Board meeting on 28th February 2020, resolved to liquidate the company. The directors declared solvency, stating the company has no assets, debts, or liabilities and is not being liquidated to defraud anyone. The company filed necessary documents with the Registrar of Companies and notified creditors. 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 court considered the fact that the Corporate Person had passed a Special Resolution

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**Interpretation:** Section 59 provides a mechanism for corporate persons to voluntarily wind up

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**Application:** In this case, the Corporate Person had met the conditions for voluntary

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## Parties

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

## Timeline

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

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