# In the matter of Neuheit Pharma Private Limited

> NCLT judgment dated 2024-02-29. Citation: TCN-2024-NCLT-02304. The case pertains to a Company Petition (IB/162/2023) filed under Section 59(7) of the…

- **Court:** NCLT
- **Order date:** 29 Feb 2024
- **Citation:** TCN-2024-NCLT-02304
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/neuheit-pharma-private-limited-a98524fa

## Summary

### Background

The case pertains to a Company Petition (IB/162/2023) filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, seeking voluntary dissolution of Neuheit Pharma Private Limited. The company was incorporated in 2015 and its main object was trading of Pharmaceutical Products. Due to lack of significant business operations or prospects, the Board of Directors proposed voluntary liquidation. The directors executed a declaration as required under Section 59(3) of the IBC. The liquidator, Mr. Bathina Venka Reddy, was appointed after a special resolution was passed by the shareholders.

## Facts

Neuheit Pharma Private Limited, incorporated on March 16, 2015, sought voluntary liquidation due to a lack of significant business prospects. The company's authorized share capital was Rs. 24,10,00,000, divided into equity shares of Rs. 10 each, with an issued and paid-up capital of Rs. 23,10,45,850. The Board of Directors approved the voluntary liquidation proposal on February 5, 2021. A special resolution for voluntary liquidation was passed on March 4, 2021, and Mr. Bathina Venka Reddy was appointed as the liquidator. Public announcements were made, and statutory authorities were informed. The company had financial assets, including cash at bank (Rs. 10,04,331), fixed deposits with the bank (Rs. 28,46,47,886), unsecured loans and advances (Rs. 2,00,00,000), and

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Neuheit Pharma Private Limited was conducted in …

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

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**Reasoning:** The court perused the contents of the application and heard the counsel appearing for the

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**Interpretation:** Section 59(7) provides the legal basis for voluntary liquidation, and the

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**Application:** The court applied Section 59(7) to the facts of the case, verifying that the

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Bathina Venka…
- **Respondents:** Neuheit Pharma…; Registrar of…

## Timeline

- **2015-03-16 — Company Incor…**: Neuheit Pharma Private Limited was…
- **2021-02-05 — Board Approval for…**: The Board of Directors approved the…

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