# In the matter of Prabhatara Vyapaar Private Limited CP (IB) No. 269-KB-2021

> NCLT judgment dated 2022-04-18. Citation: TCN-2022-NCLT-03236. The case pertains to a Company Petition filed under Section 59 of the Insolvency & Bankruptcy…

- **Court:** NCLT
- **Order date:** 18 Apr 2022
- **Citation:** TCN-2022-NCLT-03236
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/prabhatara-vyapaar-private-limited-cp-ib-no-269-kb-2021-387185ce

## Summary

### Background

The case pertains to a Company Petition filed under Section 59 of the Insolvency & Bankruptcy Code, 2016, for the voluntary liquidation of Prabhatara Vyapaar Private Limited. The company was incorporated on 07.02.2006. The directors of the company are not interested in continuing the business and resolved to liquidate the company voluntarily. The Board of Directors (BoD) of the Corporate Person decided to wind up the affairs of the Company by way of Member's Voluntary Winding up prescribed under the provisions of section 59 of the Insolvency and Bankruptcy Code, 2016 read with regulation 3 of Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. The Board of Directors of the Corporate Person, at its meeting held on 01.07.2019,

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## Facts

Prabhatara Vyapaar Private Limited (CIN: U51109WB2006PTC107779) initiated voluntary liquidation under Section 59 of the Insolvency & Bankruptcy Code, 2016. The company was incorporated on 07.02.2006 and its registered office is located in Kolkata. The company's main business involved wholesale trading. The directors decided to close the business due to lack of interest in continuing operations. A board meeting on 01.07.2019 resolved to pursue voluntary liquidation. The directors declared solvency and confirmed the company had no debts or liabilities. The members passed a special resolution on 30.07.2019 to liquidate the company and appointed Ajay Goyal as the liquidator. Public announcements were made on 30.07.2019 to invite claims from stakeholders. The liquidator

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Prabhatara Vyapaar Private Limited was conducted in …

**Ratio:** Section 59 of the Insolvency & Bankruptcy Code, 2016, read with the Insolvency and

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**Reasoning:** The court examined the steps taken by the Corporate Person and the Liquidator, including

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**Interpretation:** Section 59 outlines the requirements for initiating and conducting voluntary

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**Application:** The court found that the Corporate Person and the Liquidator had substantially

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Respondents:** Prabhatara…

## Timeline

- **2006-02-07 — Incorporation o…**: The Petitioner/Corporate Person was incorporated under the provisions of the Companies…
- **2019-07-01 — Board Me…**: The Board of Directors resolved to liquidate the Corporate Person voluntarily under…

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