# In the matter of NIIT Institute of Process Excellence Limited

> NCLT judgment dated 2023-07-28. Citation: TCN-2023-NCLT-02300. The case pertains to an application filed by the Voluntary Liquidator, Ms. Nisha Malpani, on…

- **Court:** NCLT
- **Order date:** 28 Jul 2023
- **Citation:** TCN-2023-NCLT-02300
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/niit-institute-of-process-excellence-limited-44e13815

## Summary

### Background

The case pertains to an application filed by the Voluntary Liquidator, Ms. Nisha Malpani, on behalf of NIIT Institute of Process Excellence Limited, seeking dissolution of the company under Section 59 of the Insolvency & Bankruptcy Code, 2016. The company, incorporated on April 2, 2008, was engaged in assessing human resources requirements and providing education and training. Due to commercial non-viability, the Board of Directors decided to wind up the company through voluntary liquidation. All assets and liabilities were transferred to its 100% shareholder, NIIT Limited. The company engaged Mr. Niranjan Kumar as a registered valuer to conduct asset valuation. A special resolution was passed by the members for initiating voluntary liquidation and appointing Ms.

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## Facts

NIIT Institute of Process Excellence Limited (CIN: U72300DL2008PLC176254) was incorporated on April 2, 2008, and was engaged in assessing human resources requirements and providing education and training. The company transferred all its contractual obligations, assets, and liabilities to its 100% shareholder, NIIT Limited, as per an agreement dated November 1, 2019. Due to commercial non-viability, the Board of Directors decided to wind up the company through voluntary liquidation under Section 59 of the Insolvency & Bankruptcy Code, 2016. Mr. Niranjan Kumar was engaged as a registered valuer. A special resolution for initiating voluntary liquidation was passed on February 19, 2020, and Ms. Nisha Malpani was appointed as the liquidator. Creditors representing

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## Issues and analysis

### Issue 1: Whether the Applicant Company i.e., M/s. NIIT Institute of Process Excellence Limited having CIN: …

**Ratio:** Section 59(8) of the Insolvency and Bankruptcy Code, 2016, confers power on the

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**Reasoning:** The Adjudicating Authority considered the submissions made by the liquidator, the

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**Interpretation:** Section 59 of the Insolvency and Bankruptcy Code, 2016, provides the framework

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**Application:** In this case, the liquidator had complied with all the necessary requirements

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; ANU J.…
- **Respondents:** NIIT Institute of…; Registrar of…
- **Advocates:** Virender…; Vishal…

## Timeline

- **2008-04-02 — Incorporation of the…**: NIIT Institute of Process…
- **2019-11-01 — Agreement with NIIT…**: The Corporate Person transferred all its contractual obligations, assets, and liabilities…

## 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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