# In the matter of Lambodar Fiscal Services Private Limited CP (IB) No. 74-ALD-2021

> NCLT judgment dated 2022-01-24. Citation: TCN-2022-NCLT-04380. The case pertains to an application filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 24 Jan 2022
- **Citation:** TCN-2022-NCLT-04380
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lambodar-fiscal-services-private-limited-cp-ib-no-74-ald-2021-e1b0e50b

## Summary

### Background

The case pertains to an application filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, for the voluntary liquidation of Lambodar Fiscal Services Private Limited. The company, incorporated in 1990, sought voluntary liquidation due to its non-viability and lack of profitability. The Board of Directors resolved to liquidate the company in a meeting held on October 10, 2020. The company filed the necessary forms and made public announcements as required by the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017.

## Facts

Lambodar Fiscal Services Private Limited, incorporated on January 18, 1990, sought voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company's registered office is located in Kanpur, Uttar Pradesh. The company's main objects included finance, investments, and trading. The authorized share capital was ₹75,00,000, while the issued, subscribed, and paid-up share capital was ₹70,39,810. The company was no longer viable and not earning profits, leading the Board of Directors to resolve to liquidate the company on October 10, 2020. The majority of directors approved the declaration of solvency. The company filed Form GNL-2 with the Registrar of Companies on October 22, 2020. The members passed a Special Resolution in an Extraordinary

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## Issues and analysis

### Issue 1: Whether the Corporate Person, Lambodar Fiscal Services Private Limited, should be dissolved under …

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

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**Reasoning:** The court reasoned that the Corporate Person had met the conditions stipulated under

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**Interpretation:** Section 59 provides a mechanism for a solvent corporate person to voluntarily

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**Application:** The court applied Section 59 to the facts of the case, noting that the

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## Parties

- **Judges:** Rajasekha…; Virendra Kumar…
- **Appellants:** Rajiv B…
- **Respondents:** Lambodar Fiscal…

## Timeline

- **1990-01-18 — Incorporation of…**: Lambodar Fiscal Services Private Limited was…
- **2020-10-10 — Board Resolution for…**: The Board of Directors resolved to…

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