# In the matter of Jaysel Fincap Private Limited CP(IB)-174(CHE)-2021

> NCLT judgment dated 2022-02-03. Citation: TCN-2022-NCLT-04269. The case pertains to a company application filed by the Liquidator of JayselFincap Private…

- **Court:** NCLT
- **Order date:** 3 Feb 2022
- **Citation:** TCN-2022-NCLT-04269
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jaysel-fincap-private-limited-cpib-174che-2021-1d43d4d5

## Summary

### Background

The case pertains to a company application filed by the Liquidator of JayselFincap Private Limited, seeking the dissolution of the company under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, following a voluntary liquidation process. The company was incorporated on 29.11.2018 and its Board of Directors resolved for voluntary liquidation on 11.02.2021. The company stated it had no creditors and no pending litigation.

## Facts

JayselFincap Private Limited initiated voluntary liquidation under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 29.11.2018. The Board of Directors resolved for voluntary liquidation on 11.02.2021. The company claimed it had no creditors and no pending litigation. The liquidator, P.Eswaramoorthy, issued public announcements and opened a bank account for the liquidation process. The company complied with Section 59(3) of the IBC, 2016, and Regulation 3 of IBBI (Voluntary Liquidation Process) Regulations, 2017. A special resolution was passed at an Extra Ordinary General meeting on 12.02.2021. The liquidator submitted a preliminary report to IBBI on 24.03.2021. The liquidator closed the liquidation account and distributed

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## Issues and analysis

### Issue 1: Whether the affairs of the Company have been completely wound up and the assets of the Applicant …

**Ratio:** Section 59(8) of the Insolvency and Bankruptcy Code, 2016, empowers the court to order

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**Reasoning:** The court examined the submissions made by the Learned Authorized Representative and

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**Interpretation:** Section 59(8) of the IBC, 2016, is interpreted to mean that once a company's

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**Application:** Based on the submissions and documents, the court found that JayselFincap

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## Parties

- **Judges:** S. Ramath…; Anil Ku…
- **Respondents:** JayselFincap…

## Timeline

- **2018-11-29 — Company Incor…**: The Applicant Company was incorporated on 29.11.2018 under the provisions of the…
- **2021-02-11 — Board Resolution for…**: The Board of Directors of the Company, in their meeting held on 11.02.2021, considered…

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