# In the matter of Niche Chemlinks Pvt Ltd

> NCLT judgment dated 2023-04-12. Citation: TCN-2023-NCLT-03835. The case pertains to the voluntary liquidation of M/s. Niche Chemlinks Private Limited under…

- **Court:** NCLT
- **Order date:** 12 Apr 2023
- **Citation:** TCN-2023-NCLT-03835
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/niche-chemlinks-pvt-ltd-6c06a836

## Summary

### Background

The case pertains to the voluntary liquidation of M/s. Niche Chemlinks Private Limited under Section 59(7) of the Insolvency and Bankruptcy Code (IBC), 2016, read with the IBBI (Voluntary Liquidation Process) Regulations, 2017. The application was filed by the liquidator seeking an order for the winding up of the company's affairs. The company was incorporated on 13.07.2000. The Board of Directors decided to wind up the company in a meeting held on 19.02.2020, after taking note of the Declaration of Solvency. A special resolution to liquidate the company voluntarily was passed on 12.03.2020, and Shri Ratnakar Shetty was appointed as the liquidator.

## Facts

M/s. Niche Chemlinks Private Limited, incorporated on 13.07.2000, initiated voluntary liquidation proceedings. The company's authorized share capital was Rs. 20,00,000, divided into 2,000 equity shares of Rs. 1000 each. The issued, subscribed, and paid-up capital was Rs. 17,90,000, divided into 1,790 equity shares of Rs. 1000 each. The Board of Directors decided to wind up the company on 19.02.2020, after taking note of the Declaration of Solvency. A special resolution to liquidate the company voluntarily was passed on 12.03.2020, and Shri Ratnakar Shetty was appointed as the liquidator. The commencement of liquidation and appointment of liquidator was intimated to the ROC on 19.03.2020. A public announcement was made on 20.03.2020. As of 31.01.2020, the company had no

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of M/s. Niche Chemlinks Private Limited has been …

**Ratio:** Section 59 of the IBC, 2016, read with the IBBI (Voluntary Liquidation Process)

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**Reasoning:** The court perused the records and noted that the liquidator had complied with the

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**Interpretation:** Section 59 of the IBC and the IBBI Regulations are interpreted to ensure a

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**Application:** The court applied the provisions of Section 59 and the IBBI Regulations to the

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## Parties

- **Judges:** T. Krishn…; Prasanta Kumar…
- **Respondents:** Niche Chemlinks…; The Registrar of…

## Timeline

- **2000-07-13 — Company Incor…**: M/s. Niche Chemlinks Private…
- **2020-02-19 — Board Me…**: The Board of Directors decided to wind up the company after taking note of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59 — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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