# In the matter of Quintiles Phase One Clinical Trials India Pvt Ltd

> NCLT judgment dated 2022-06-24. Citation: TCN-2022-NCLT-02064. The case pertains to a Company Petition filed by M/s. Quintiles Phase One Clinical Trials India…

- **Court:** NCLT
- **Order date:** 24 Jun 2022
- **Citation:** TCN-2022-NCLT-02064
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/quintiles-phase-one-clinical-trials-india-pvt-ltd-569caa88

## Summary

### Background

The case pertains to a Company Petition filed by M/s. Quintiles Phase One Clinical Trials India Pvt Ltd, through its liquidator, under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking the dissolution of the Corporate Person. The Corporate Person was incorporated on 03.07.2009 to conduct phase one clinical trials on behalf of pharmaceutical companies. It had ceased business operations for the past three to four years, earning only interest income from fixed deposits. The Board of Directors resolved to liquidate the company voluntarily, appointing Shri. Adinarayana Babji Kota as the liquidator.

## Facts

M/s. Quintiles Phase One Clinical Trials India Pvt Ltd (the Corporate Person) filed a Company Petition for voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 03.07.2009 to conduct clinical trials. Due to ceasing business operations for 3-4 years, the company's Board of Directors decided to initiate voluntary liquidation. Shri. Adinarayana Babji Kota was appointed as the liquidator. A public announcement was made on 05.10.2020, inviting claims, with a deadline of 30.10.2020. The liquidator submitted reports to IBBI and the Registrar of Companies. A bank account was opened on 30.01.2021 with Kotak Mahindra Bank. The company had an existing account with Citibank, Bengaluru, which was transferred to the

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## Issues and analysis

### Issue 1: Whether the Company Petition for voluntary liquidation of M/s. Quintiles Phase One Clinical Trials …

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

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**Reasoning:** The court considered the steps taken by the liquidator in compliance with the provisions

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

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**Application:** The court applied Section 59(7) of the Code to the facts of the case,

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## Parties

- **Judges:** Dr.Venkata…; SH. VEERA BRAHMA…
- **Respondents:** M/s. Quintiles…

## Timeline

- **2009-07-03 — Incorpor…**: The Corporate Person, M/s. Quintiles Phase One Clinical Trials India Pvt Ltd, was…
- **2020-09-30 — Board Me…**: The Board of Directors held a meeting and made a declaration to liquidate the Corporate…

## 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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