# In the matter of Mueller Prost Shared Services Private Limited

> NCLT judgment dated 2025-04-30. Citation: TCN-2025-NCLT-00144. The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 30 Apr 2025
- **Citation:** TCN-2025-NCLT-00144
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mueller-prost-shared-services-private-limited-035165a6

## Summary

### Background

The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, for the voluntary liquidation of Mueller Prost Shared Services Private Limited. The company, facing financial difficulties due to lack of revenue generation, resolved to close down its operations and initiate voluntary liquidation proceedings. The liquidator, Dhanshyam Kantilal Patel, was appointed to oversee the process. The company followed the procedures outlined in the Insolvency and Bankruptcy Code, including making declarations of solvency, intimating relevant authorities, and making public announcements.

## Facts

Mueller Prost Shared Services Private Limited, with CIN: U74999MH2017FTC294562, filed a Company Petition under Section 59 of the Insolvency and Bankruptcy Code, 2016, for voluntary liquidation. The company was incorporated on 02/05/2017 under the Companies Act, 2013, and its registered office is located in Mumbai. The company wished to discontinue operations due to a lack of revenue generation for the past two years. A Board of Directors meeting on 23/07/2024 resolved to close the company and repatriate proceeds to shareholders. Dhanshyam Kantilal Patel was appointed as the Liquidator and confirmed by a Special Resolution on 24/07/2024. Two directors declared solvency on 01/07/2024, stating the company had no debt and was not being liquidated to defraud anyone. The

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## Issues and analysis

### Issue 1: Whether the Company has complied with the requisite formalities and procedure of liquidation as per …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, outlines the procedure for

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**Reasoning:** The court reviewed the submissions made by the Counsel appearing on behalf of the

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**Interpretation:** The interpretation of Section 59 involves ensuring that all procedural

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**Application:** The company demonstrated compliance by providing evidence of resolutions

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## Parties

- **Judges:** ASHISH…; SANJIV…
- **Respondents:** Mueller Prost…
- **Advocates:** Adv TN Chandrassek…

## Timeline

- **2017-05-02 — Company Incor…**: Mueller Prost Shared Services Private Limited was incorporated under the Companies Act,…
- **2024-07-23 — Board Reso…**: The Board of Directors resolved to close…

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