# In the matter of Perwein Trading Private Limited

> NCLT judgment dated 2024-01-09. Citation: TCN-2024-NCLT-03221. The case pertains to an application filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 9 Jan 2024
- **Citation:** TCN-2024-NCLT-03221
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/perwein-trading-private-limited-aaf9984c

## Summary

### Background

The case pertains to an application filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 38 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, for the voluntary liquidation and dissolution of Perwein Trading Private Limited. The company's board of directors decided to close down the business due to limited financial resources and passed a resolution for voluntary liquidation on 15.10.2020. Mr. Umesh Lakhani was appointed as the liquidator.

## Facts

Perwein Trading Private Limited, with CIN: U51100MH2000PTC129423, sought voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 01/11/2000 under the Companies Act, 1956. The Board of Directors resolved to voluntarily liquidate the company on 15.10.2020 due to limited financial resources. Mr. Umesh Lakhani was appointed as the liquidator. A special resolution was passed by the members of the company in an Extra-Ordinary General Meeting held on 15.10.2020 to liquidate the company voluntarily. The liquidator made a public announcement of the liquidation and informed the Income Tax Department. All statutory dues were settled, and a No Dues Certificate was obtained from the Income Tax Department. The liquidator

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## Issues and analysis

### Issue 1: Whether the application for voluntary liquidation and dissolution of Perwein Trading Private …

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

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**Reasoning:** The NCLT considered the submissions and documents presented, including the declarations

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**Interpretation:** Section 59 of the IBC provides a mechanism for a solvent company to voluntarily

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**Application:** In this case, the court applied Section 59 of the IBC to the facts presented,

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Appellants:** Umesh La…
- **Respondents:** Perwein Trading…

## Timeline

- **2000-11-01 — Company Incor…**: Perwein Trading Private Limited was…
- **2020-10-15 — Board Resolution for…**: The Board of Directors of the Company formed an opinion to close down the business and…

## 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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