# In the matter of Nischay Advisory LLP

> NCLT judgment dated 2023-08-11. Citation: TCN-2023-NCLT-02078. The case pertains to an application filed by the Liquidator under Section 59 of the Insolvency…

- **Court:** NCLT
- **Order date:** 11 Aug 2023
- **Citation:** TCN-2023-NCLT-02078
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nischay-advisory-llp-1e9c740f

## Summary

### Background

The case pertains to an application filed by the Liquidator under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking the dissolution of M/s. Nischay Advisory LLP, which was undergoing voluntary liquidation. The LLP was incorporated on 25.11.2014 to provide consultancy services. Due to a lack of business prospects, the designated partners decided to liquidate the operations of the LLP. The designated partners passed a resolution on 17.01.2023 to voluntarily liquidate the Corporate Person under Section 59 of the Insolvency and Bankruptcy Code, 2016. A declaration of solvency was filed with the Registrar of Companies, NCT of Delhi, along with audited financial statements. Ms. Karuna Sharma was appointed as the liquidator.

## Facts

M/s. Nischay Advisory LLP, incorporated on 25.11.2014, was undergoing voluntary liquidation due to a lack of business prospects. The designated partners resolved to liquidate the company on 17.01.2023 and appointed Ms. Karuna Sharma as the liquidator. A declaration of solvency was filed, and the Registrar of Companies and IBBI were notified. The liquidator published a notification in newspapers on 19.01.2023 and opened a separate bank account for liquidation. The Income Tax authorities were informed, and the liquidator distributed the proceeds of realization after meeting liquidation costs. The liquidator submitted preliminary and final reports. The liquidator closed the bank account after realizing all assets. The application was filed under Section 59 of the

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## Issues and analysis

### Issue 1: Whether the application for dissolution of M/s. Nischay Advisory LLP under Section 59 of the …

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

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**Reasoning:** The court considered the steps taken by the Liquidator, including the passing of a

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**Interpretation:** Section 59 provides a mechanism for voluntary liquidation, and the court

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**Application:** The court applied Section 59 and the IBBI Regulations to the facts of the case,

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## Parties

- **Judges:** SHRI. BACHU…; SHRI. RAHUL…
- **Respondents:** M/S. NISCHAY…

## Timeline

- **2014-11-25 — Incorporation…**: M/s. Nischay Advisory…
- **2023-01-17 — Resolution for…**: Designated Partners passed a resolution to…

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