# In the matter of Pasta Lifestyle Solutions Private Limited

> NCLT judgment dated 2023-10-31. Citation: TCN-2023-NCLT-00964. The case pertains to a voluntary liquidation application filed by the Liquidator, Mr. Pawan…

- **Court:** NCLT
- **Order date:** 31 Oct 2023
- **Citation:** TCN-2023-NCLT-00964
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pasta-lifestyle-solutions-private-limited-eb5db917

## Summary

### Background

The case pertains to a voluntary liquidation application filed by the Liquidator, Mr. Pawan Kumar Agarwal, on behalf of Pasta Lifestyle Solutions Private Limited, a corporate entity incorporated on 01.04.2015. The application was filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. The Board of Directors had resolved to voluntarily wind up the affairs of the company on 30.08.2022, subject to the approval of the members. A declaration of solvency was made, and the company stated it had no liabilities and was not being liquidated to defraud anyone. The liquidator made public announcements in newspapers and notified the IBBI, inviting claims, but no

…

## Facts

Pasta Lifestyle Solutions Private Limited, a private company incorporated on 01.04.2015, filed an application for voluntary liquidation under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The Board of Directors resolved to wind up the company on 30.08.2022, and a declaration of solvency was made on 31.08.2022. The company filed the declaration with the Registrar of Companies. The members of the company passed a special resolution for voluntary liquidation on 02.09.2022, and Mr. Pawan Kumar Agarwal was appointed as the Liquidator. The Liquidator made a public announcement on 06.09.2022, inviting claims, with a deadline of 02.10.2022. The company maintained two current accounts, which were closed, and a new account was opened for distribution to

…

## Issues and analysis

### Issue 1: Whether the application for voluntary liquidation of Pasta Lifestyle Solutions Private Limited …

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

…

**Reasoning:** The Adjudicating Authority considered the application, the documents annexed, and the

…

**Interpretation:** Section 59 provides a mechanism for a solvent company to voluntarily liquidate

…

**Application:** The Adjudicating Authority found that Pasta Lifestyle Solutions Private Limited

…

## Parties

- **Judges:** MANNI SANKARIAH…; BINOD KUMAR…
- **Respondents:** Pasta Lifestyle…; Pawan Kumar…
- **Advocates:** Pawan S…

## Timeline

- **2015-04-01 — Incorporation o…**: Pasta Lifestyle Solutions…
- **2022-08-30 — Board Reso…**: The Board of Directors resolved to…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pasta-lifestyle-solutions-private-limited-eb5db917