# In the matter of MS Merchandisers Private Limited

> NCLT judgment dated 2024-10-21. Citation: TCN-2024-NCLT-00385. The case pertains to the voluntary liquidation of M/s. MS Merchandisers Private Limited under…

- **Court:** NCLT
- **Order date:** 21 Oct 2024
- **Citation:** TCN-2024-NCLT-00385
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ms-merchandisers-private-limited-1b42b477

## Summary

### Background

The case pertains to the voluntary liquidation of M/s. MS Merchandisers Private Limited under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. The company was incorporated on 09.08.2004, with its registered office in New Delhi. The application was filed by the Voluntary Liquidator, Mr. Deepak Kumar Goyal, seeking dissolution of the company.

## Facts

M/s. MS Merchandisers Private Limited, incorporated on 09.08.2004, initiated voluntary liquidation proceedings under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company's registered office is located in New Delhi. The authorized and issued share capital was Rs. 10,00,000/-. The company's main objects included merchandising, marketing, and trading in various products. The reason for voluntary liquidation was the company's failure to achieve its goals and the absence of operating business or prospects. A special resolution was passed by the shareholders on 27.04.2023. The company was solvent, and a declaration of solvency was issued. The Voluntary Liquidator made a public announcement on 01.05.2023. The last date for submission of claims was

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## Issues and analysis

### Issue 1: Whether the Applicant Company should be dissolved under Section 59(7) of the Insolvency and …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, allows for the voluntary

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**Reasoning:** The Adjudicating Authority considered the submissions made by the Applicant Company, the

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**Interpretation:** Section 59 provides a mechanism for a solvent company to voluntarily liquidate

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**Application:** Based on the facts presented and the reports submitted, the Adjudicating

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## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Appellants:** Deepak Kuma…
- **Respondents:** MS Merchandisers…

## Timeline

- **2004-08-09 — Company Incor…**: M/s. MS Merchandisers Private…
- **2023-04-10 — Board Reso…**: The Board of Directors passed a resolution for…

## 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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