# In the matter of Proprium Capital Advisors (India) Private Limited C.P.(IB) 442-MB-2022

> NCLT judgment dated 2022-04-05. Citation: TCN-2022-NCLT-03382. This case pertains to a Company Petition filed under Section 59(7) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 5 Apr 2022
- **Citation:** TCN-2022-NCLT-03382
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/proprium-capital-advisors-india-private-limited-cpib-442-mb-2022-5db8fd17

## Summary

### Background

This case pertains to a Company Petition filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, by Proprium Capital Advisors (India) Private Limited through its Insolvency Professional, Shashikant Shravan Dhamne, for voluntary liquidation. The Corporate Person sought dissolution through voluntary winding up under Section 59 of the Code. The company was incorporated on 13.12.2012. The Board of Directors passed a resolution on 01.03.2021 to liquidate the company voluntarily, declaring solvency and compliance with Section 59(3)(a) of the Code by filing necessary declarations with the Registrar of Companies, Mumbai on 05.04.2021. The applicant enclosed audited financial statements for the financial years 2018-2019 and 2019-2020.

## Facts

Proprium Capital Advisors (India) Private Limited filed a Company Petition under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, seeking voluntary liquidation. The company was incorporated on 13.12.2012. On 01.03.2021, the Board of Directors resolved to voluntarily liquidate the company, declaring solvency and compliance with Section 59(3)(a) of the Code. A special resolution was passed on 27.03.2021, to liquidate the company and appoint Shashikant Shravan Dhamne as the Liquidator. The Liquidator notified the Registrar of Companies, Mumbai, on 05.04.2021, and IBBI on 30.03.2021, about the special resolution. The Income-tax Department was intimated on 08.04.2021. A public announcement was made on 27.03.2021. The Liquidator submitted a preliminary report on

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## Issues and analysis

### Issue 1: Whether the Corporate Person, Proprium Capital Advisors (India) Private Limited, has complied with …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, outlines the procedure for

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**Reasoning:** The court considered the various steps taken by the Corporate Person, including the Board

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**Interpretation:** Section 59 is interpreted to ensure that the voluntary liquidation process is

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**Application:** The court applied the provisions of Section 59 to the facts of the case,

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## Parties

- **Judges:** SUCHITRA KANUPARTH…; ANURADHA SANJAY…; +1 more
- **Respondents:** Proprium Capital…

## Timeline

- **2012-12-13 — Incorporation of…**: Proprium Capital Advisors (India)…
- **2021-03-01 — Board Reso…**: The Board of Directors resolved to…

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