# In the matter of Millenium Broadcast Company Private Limited

> NCLT judgment dated 2023-11-02. Citation: TCN-2023-NCLT-00888. The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 2 Nov 2023
- **Citation:** TCN-2023-NCLT-00888
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/millenium-broadcast-company-private-limited-acc9518a

## Summary

### Background

The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read with the IBBI (Voluntary Liquidation Process) Regulations, 2017, by Millenium Broadcast Company Private Limited, seeking voluntary liquidation. The company, incorporated in 2000, faced a lack of adequate financial resources, leading to a decision to wind up operations. A board meeting on November 12, 2019, proposed voluntary liquidation, and Mr. Umesh Lakhani was appointed as the liquidator. The company declared solvency and filed necessary forms. The members approved the liquidation in an extraordinary general meeting on December 9, 2019.

## Facts

Millenium Broadcast Company Private Limited, incorporated on November 5, 2000, decided to undergo voluntary liquidation due to a lack of adequate financial resources. A board meeting was held on November 12, 2019, to propose the liquidation, and Mr. Umesh Lakhani was appointed as the liquidator. The company declared solvency on November 12, 2019. Members approved the liquidation on December 9, 2019. The liquidator made public announcements on December 11, 2019, and intimated the Registrar of Companies, Mumbai, and IBBI. The company received a No Objection Certificate from the Income Tax Department on February 24, 2020. The liquidator opened a bank account on November 23, 2020, and submitted a preliminary report on January 22, 2020. All sums were paid to the members by

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## Issues and analysis

### Issue 1: Whether the Corporate Person's affairs have been completely wound up and its assets liquidated as …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, provides the framework for

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**Reasoning:** The court considered the liquidator's report and the evidence presented, which indicated

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**Interpretation:** The court interpreted Section 59(7) to mean that once the liquidator has

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**Application:** Based on the liquidator's report and the evidence presented, the court found

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## Parties

- **Judges:** Kuldip Kumar…; ANURADHA SANJAY…
- **Respondents:** Millenium…

## Timeline

- **2000-11-05 — Company Incor…**: Millenium Broadcast Company…
- **2019-11-12 — Board Me…**: A Board meeting was held wherein voluntary…

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