# In the matter of Nvantage India Private Limited

> NCLT judgment dated 2023-12-05. Citation: TCN-2023-NCLT-00446. This is a Company Petition filed under section 59 of the Insolvency and Bankruptcy Code, 2016…

- **Court:** NCLT
- **Order date:** 5 Dec 2023
- **Citation:** TCN-2023-NCLT-00446
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nvantage-india-private-limited-037a5a3d

## Summary

### Background

This is a Company Petition filed under section 59 of the Insolvency and Bankruptcy Code, 2016 (hereinafter called "Code") by a Corporate person, named Nvantage India Private Limited through Liquidator Mr. Sekar Ananthanarayan, the Insolvency Professional, to dissolve the Corporate Person after initiation of voluntary liquidation proceedings under Code. The Corporate Person has complied with requisite formalities and procedure of liquidation as per law and has filed this Petition for its dissolution under section 59 of the Code. The Petitioner Company was incorporated on 18.04.2018 as a private company limited by shares with Registrar of Companies, Mumbai. The Authorized Share capital of the company is Rs. 30,00,00,000/- divided into 3,00,00,000 equity shares

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## Facts

Nvantage India Private Limited filed a petition under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking dissolution after initiating voluntary liquidation proceedings. The company was incorporated on 18.04.2018 with an authorized and paid-up share capital of Rs. 30,00,00,000. The company's directors declared that the company had no debts and was not being liquidated to defraud anyone. The members of the company passed a special resolution on 01.12.2020 to liquidate the company voluntarily and appointed Mr. Sekar Ananthanarayan as the liquidator. The liquidator made a public announcement inviting claims from stakeholders. The liquidator received claims from two equity shareholders, Nomura Research Institute Asia Pacific Private Limited and Nomura Asia

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## Issues and analysis

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

**Ratio:** The legal principle applied here is based on the requirements of Section 59 of the

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**Reasoning:** The tribunal examined the submissions made by the counsel appearing for the petitioner

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**Interpretation:** This involves interpreting Section 59 of the IBC and related regulations to

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**Application:** The tribunal applied this principle to the specific facts of the case,

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## Parties

- **Judges:** Prabhat…; V.G. B…
- **Respondents:** Nvantage India…
- **Advocates:** Shruti Pe…

## Timeline

- **2018-04-18 — Company Incor…**: Nvantage India Private Limited was…
- **2020-12-01 — Special Res…**: Members of the Company passed a Special…

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