# In the matter of Lightspeed Advisory Services India Private Limited

> NCLT judgment dated 2024-06-04. Citation: TCN-2024-NCLT-01238. The case pertains to the voluntary liquidation of M/s. Lightspeed Advisory Services India…

- **Court:** NCLT
- **Order date:** 4 Jun 2024
- **Citation:** TCN-2024-NCLT-01238
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lightspeed-advisory-services-india-private-limited-11741e21

## Summary

### Background

The case pertains to the voluntary liquidation of M/s. Lightspeed Advisory Services India Private Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016, read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. The company, incorporated on July 30, 2007, decided to undergo voluntary liquidation due to a lack of significant business operations and prospects. The board of directors proposed the liquidation, and the members passed a special resolution to that effect. Mr. Rajan Das Gupta was appointed as the liquidator.

## Facts

M/s. Lightspeed Advisory Services India Private Limited, incorporated on 2007-07-30, initiated voluntary liquidation due to a lack of business prospects. The company's authorized share capital was Rs. 3,00,00,000, and its paid-up capital was Rs. 2,55,30,000. The Board of Directors proposed voluntary liquidation, and the members passed a special resolution on 2021-03-23. Mr. Rajan Das Gupta was appointed as the liquidator. A public announcement was made on 2021-03-25, and the liquidator submitted reports to the RoC and IBBI. The company had no physical assets, with assets consisting of bank balances amounting to Rs. 2,31,80,386. The liquidator faced challenges in remitting funds to a foreign shareholder, LVP Management Inc., USA, due to RBI regulations. After obtaining

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of M/s. Lightspeed Advisory Services India Private …

**Ratio:** The ratio is based on Section 59 of the Insolvency and Bankruptcy Code, 2016, which

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**Reasoning:** The court reasoned that the liquidator had followed the prescribed procedures, including

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**Interpretation:** The interpretation involves ensuring that all steps in the voluntary

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**Application:** The ratio and reasoning were applied to the specific facts of the case,

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## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Respondents:** M/s. Lightspeed…

## Timeline

- **2007-07-30 — Company Incor…**: M/s. Lightspeed Advisory Services India…
- **2021-03-13 — Board Me…**: The Board of Directors noted that the Company has no significant business operations in…

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