# In the matter of MAHARISHI GRAMIN MICRO FINANCE PRIVATE LIMITED

> NCLT judgment dated 2022-03-29. Citation: TCN-2022-NCLT-03498. The case pertains to a Company Petition filed by the Liquidator for the voluntary liquidation…

- **Court:** NCLT
- **Order date:** 29 Mar 2022
- **Citation:** TCN-2022-NCLT-03498
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/maharishi-gramin-micro-finance-private-limited-6463f092

## Summary

### Background

The case pertains to a Company Petition filed by the Liquidator for the voluntary liquidation of Maharishi Gramin Micro-Finance Private Limited under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 (IBC). The company was incorporated on 22.05.2017 under the Companies Act, 2013, with the objective of providing micro-finance services. The Board of Directors proposed voluntary liquidation on March 5th, 2019, due to the company not carrying on any business or earning profits for the preceding two years. The directors made a declaration of solvency on 25th April, 2019, and the members passed a special resolution on 27.03.2019 to liquidate the company, appointing Mr. N. Asokan as the Liquidator.

## Facts

Maharishi Gramin Micro-Finance Private Limited was incorporated on 22.05.2017 under the Companies Act, 2013, to provide micro-finance services. The company's authorized share capital was Rs. 6,00,00,000, divided into 60,00,000 equity shares of Rs. 10 each. The issued, subscribed, and paid-up share capital was Rs. 5,69,99,860, consisting of 56,99,986 equity shares. Due to the company not carrying on any business or earning profits for the preceding two years, the Board of Directors proposed voluntary liquidation on March 5th, 2019. A declaration of solvency was made on 25th April, 2019, and a special resolution was passed on 27.03.2019 to liquidate the company, appointing N. Asokan as the Liquidator. The Liquidator made a public announcement of the commencement of

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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 Company have …

**Ratio:** Section 59(8) of the IBC, 2016, allows the Tribunal to order the dissolution of a company

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**Reasoning:** The court examined the submissions made by the Liquidator, including the final report and

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**Interpretation:** The interpretation of Section 59(8) requires the court to be satisfied that all

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**Application:** Based on the Liquidator's submissions and the documents annexed to the

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## Parties

- **Judges:** S. Ramath…; Anil Ku…
- **Appellants:** N. As…
- **Respondents:** Maharishi Gramin…

## Timeline

- **2017-05-22 — Company Incor…**: Maharishi Gramin Micro-Finance Private Limited was incorporated under the Companies Act,…
- **2019-03-05 — Board Resolution for…**: The Board of Directors proposed voluntary liquidation due to the company not carrying on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59(7) — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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