# In the matter of Pasenture Private Limited

> NCLT judgment dated 2024-04-16. Citation: TCN-2024-NCLT-01706. The application was filed by M/s Pasenture Private Limited, the Corporate Debtor, through its…

- **Court:** NCLT
- **Order date:** 16 Apr 2024
- **Citation:** TCN-2024-NCLT-01706
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pasenture-private-limited-61238776

## Summary

### Background

The application was filed by M/s Pasenture Private Limited, the Corporate Debtor, through its Liquidator, Naresh Verma, under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking relief that the petitioner company be dissolved as per the provisions of the Code read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. The corporate debtor was incorporated on 15.09.2020. The Company, in its meeting of the Board of Directors on 30.09.2021, approved the declaration as stipulated U/s 59(3) of the Code, which was later duly signed and verified by affirmation, and the Board Resolution dated 30.09.2021 to voluntarily liquidate the company in accordance with provisions of Section 59 of IBC, 2016 was passed and the

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## Facts

M/s Pasenture Private Limited filed an application for voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 15.09.2020. The Board of Directors approved the voluntary liquidation on 30.09.2021, and shareholders approved it in an Extra Ordinary General Meeting. Mr. Naresh Verma was appointed as the liquidator. The company stated that it had no creditors and received no claims from stakeholders. The company complied with all regulatory requirements, including informing the Registrar of Companies and making public announcements. The ROC submitted a report stating that no inquiry/inspection/complaint/legal action was pending against the company. The liquidator performed his duties and completed the necessary

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## Issues and analysis

### Issue 1: Whether the application for voluntary liquidation of the Corporate Debtor, Pasenture Private …

**Ratio:** Section 59(7) of the Insolvency and Bankruptcy Code, 2016, empowers the Adjudicating

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**Reasoning:** The Adjudicating Authority considered the material on record, including the ROC's report,

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**Interpretation:** Section 59 of the IBC provides a mechanism for a solvent corporate person to

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**Application:** In this case, the Corporate Debtor complied with the requirements of Section

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Respondents:** Pasenture Private…

## Timeline

- **2020-09-15 — Incorporation of…**: Pasenture Private…
- **2021-09-30 — Board Resolution for…**: The Company's Board of Directors approved the…

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