# In the matter of Neuheit Pharma Private Limited

> NCLT judgment dated 2024-02-29. Citation: TCN-2024-NCLT-02294. 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-02294
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/neuheit-pharma-private-limited-ff3701fc

## 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 on March 16, 2015, with its main objective being the trading of pharmaceutical products. Due to the lack of significant business operations or prospects of revival, the Board of Directors proposed voluntary liquidation, which was approved in a meeting held on February 5, 2021. 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 passed on March 4, 2021. Public announcements were made, and statutory authorities were informed. The company had

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## Facts

Neuheit Pharma Private Limited, incorporated on March 16, 2015, aimed to trade pharmaceutical products. Due to a lack of business prospects, the Board of Directors decided on voluntary liquidation, approving it on February 5, 2021. A declaration was executed as per Section 59(3) of the IBC. Bathina Venka Reddy was appointed as the liquidator on March 4, 2021, following a special resolution. Public announcements were made, and statutory bodies were notified. The company possessed financial assets, including cash at bank (Rs. 10,04,331), fixed deposits (Rs. 28,46,47,886), unsecured loans (Rs. 2,00,00,000), and other current assets (Rs. 24,18,946), totaling Rs. 30,80,71,163. Outside liabilities amounted to Rs. 2,86,250. Claims of Rs. 2,88,377 were received and verified. A

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## Issues and analysis

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

**Ratio:** Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read with the Insolvency and

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**Reasoning:** The court reasoned that the liquidator had followed the prescribed procedures, including

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**Interpretation:** This issue requires interpreting Section 59(7) of the IBC, which allows for

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **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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