# In the matter of Neuheit Pharma Private Limited

> NCLT judgment dated 2024-02-29. Citation: TCN-2024-NCLT-02291. 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-02291
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/neuheit-pharma-private-limited-dea31a53

## 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, incorporated in 2015, aimed to trade pharmaceutical products. Due to a lack of significant business operations or prospects, the Board of Directors proposed voluntary liquidation. The petition was filed with the National Company Law Tribunal (NCLT), Hyderabad Bench.

## Facts

Neuheit Pharma Private Limited, incorporated on March 16, 2015, aimed to trade pharmaceutical products. The company's authorized share capital was Rs. 24,10,00,000, divided into 2,41,00,000 equity shares of Rs. 10 each. The issued and paid-up capital was Rs. 23,10,45,850, consisting of 2,31,04,585 equity shares of Rs. 10 each. Due to a lack of significant business operations or prospects, the Board of Directors approved a proposal for voluntary liquidation on February 5, 2021. A special resolution for voluntary liquidation was obtained 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

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Neuheit Pharma Private Limited was completed as per …

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

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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:** The interpretation of Section 59(7) of the IBC, 2016, requires strict adherence

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**Application:** In this case, the liquidator, Mr. Bathina Venka Reddy, followed all 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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