# In the matter of Netpay Solutions Private Limited

> NCLT judgment dated 2024-02-22. Citation: TCN-2024-NCLT-02455. The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 22 Feb 2024
- **Citation:** TCN-2024-NCLT-02455
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/netpay-solutions-private-limited-a0ee0ca3

## 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 Netpay Solutions Private Limited. The company, incorporated on 03.05.2012, decided to close its business due to a lack of future prospects and initiated voluntary liquidation proceedings. The board of directors approved the appointment of Mr. Manish Shah as the liquidator.

## Facts

Netpay Solutions Private Limited, incorporated on 03.05.2012, decided to close its business due to a lack of future prospects. A board meeting on 18.08.2021 resolved to apply for voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. Mr. Manish Shah was appointed as the liquidator. The company made a public announcement on 03.09.2021, inviting claims from stakeholders. The company submitted resolutions and public announcements to the Registrar of Companies. The liquidator opened a new bank account for the liquidation process and submitted a preliminary report on 13.10.2021. The liquidator realized assets, distributed proceeds, and prepared audited accounts. A final report dated 12.07.2023 was submitted. The liquidation account was closed on

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## Issues and analysis

### Issue 1: Whether the Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, allows a corporate person to

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**Reasoning:** The court examined the petition and supporting documents to ensure that the company had

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

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**Application:** The court found that the company had complied with the requirements of Section

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## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Respondents:** Netpay Solutions…
- **Advocates:** Pranav Kh…

## Timeline

- **2012-05-03 — Company Incor…**: Netpay Solutions Private…
- **2021-08-18 — Board Me…**: The Company in its Board Meeting decided to close down its business and also decided to…

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