# In the matter of Mountview Vinimay Private Limited

> NCLT judgment dated 2024-04-10. Citation: TCN-2024-NCLT-01752. The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 10 Apr 2024
- **Citation:** TCN-2024-NCLT-01752
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mountview-vinimay-private-limited-af90d78c

## Summary

### Background

The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking voluntary liquidation of Mountview Vinimay Private Limited. The company, incorporated in 2012, resolved to voluntarily liquidate due to not carrying out any business. The Board of Directors passed a resolution and filed a Declaration of Solvency, stating the company could pay its debts in full and was not liquidating to defraud anyone. Mr. Pranab Kumar Chakrabarty, an Insolvency Professional, was appointed as the liquidator. The liquidator made public announcements and informed relevant authorities, including the Registrar of Companies and the Income Tax officer, about the liquidation process.

## Facts

Mountview Vinimay Private Limited (CIN: U51109WB2008PTC122128), incorporated in 2012, filed a petition for voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company's authorized share capital was Rs. 5000000, divided into 500000 equity shares of Rs. 10 each, with an issued, subscribed, and paid-up share capital of Rs. 1076910 consisting of 107691 equity shares. The company's registered office is located in Kolkata, and its main object was trading. The Board of Directors resolved to voluntarily liquidate the company on 20/11/2023, due to the company not carrying on any business. The directors declared solvency on 08.12.2023. A special resolution to liquidate was passed on 12.12.2023, with the voluntary liquidation commencing on the

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## Issues and analysis

### Issue 1: Whether the Corporate Person, Mountview Vinimay Private Limited, should be dissolved under Section …

**Ratio:** Section 59(7) of the Insolvency and Bankruptcy Code, 2016, allows the National Company

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**Reasoning:** The NCLT examined the submissions made by the liquidator and the authorized

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**Interpretation:** Section 59(7) provides the legal basis for the NCLT to dissolve a corporate

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**Application:** In this case, the NCLT applied Section 59(7) after verifying that Mountview

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Respondents:** Mountview Vinimay…

## Timeline

- **2012-01-01 — Company Incor…**: Mountview Vinimay Private…
- **2023-11-20 — Board Resolution for…**: Board of Directors resolved to…

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