# In the matter of North Kerala Footwear Consortium Private Limited

> NCLT judgment dated 2023-09-21. Citation: TCN-2023-NCLT-01520. This case pertains to a Company Petition filed under Section 59 of the Insolvency & Bankruptcy…

- **Court:** NCLT
- **Order date:** 21 Sept 2023
- **Citation:** TCN-2023-NCLT-01520
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/north-kerala-footwear-consortium-private-limited-0538534b

## Summary

### Background

This case pertains to a Company Petition filed under Section 59 of the Insolvency & Bankruptcy Code, 2016, regarding the voluntary liquidation of M/s. North Kerala Footwear Consortium Private Limited. The company, through its liquidator Ms. Midhuna K.C., sought dissolution after completing the necessary liquidation formalities. The company was incorporated on 23rd November 2010, with the objective of engaging in the footwear industry. The Board of Directors approved the voluntary liquidation proposal after determining the future business potential in Kerala to be negligible. The company followed the procedures outlined in Section 59 of the IBC, including a declaration of solvency by the directors and a special resolution passed in an Extraordinary General Meeting

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## Facts

M/s. North Kerala Footwear Consortium Private Limited filed a Company Petition under Section 59 of the Insolvency & Bankruptcy Code, 2016, seeking voluntary liquidation. The company was incorporated on 23rd November 2010. The Board of Directors decided to pursue voluntary liquidation due to the perceived lack of future business potential in Kerala, as determined in a meeting on 10.03.2022. The directors made a Declaration of Solvency on 24.03.2022, as required by Section 59 of the IBC. An Extraordinary General Meeting on 25.03.2022 resulted in a Special Resolution to liquidate the company. Ms. Midhuna K.C. was appointed as the liquidator. The commencement of liquidation was communicated to the Income Tax Department, which confirmed no outstanding claims. Public

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## Issues and analysis

### Issue 1: Whether the affairs of the Corporate Person have been completely wound up and its assets liquidated …

**Ratio:** Section 59(7) of the Insolvency and Bankruptcy Code, 2016, mandates that the liquidator

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**Reasoning:** The Tribunal perused the case records, documents, and evidence on record. It verified the

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**Interpretation:** This issue requires interpreting Section 59(7) of the IBC, 2016, and the IBBI

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**Application:** The Tribunal applied the ratio to the facts of the case, noting that the

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## Parties

- **Judges:** T Krishna…; Shyam Babu…
- **Appellants:** Midhuna…
- **Respondents:** North Kerala…
- **Advocates:** Midhuna…

## Timeline

- **2010-11-23 — Company Incor…**: North Kerala Footwear Consortium…
- **2022-03-10 — Board Me…**: The Board of Directors concluded that the viability of the future business potential in…

## 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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