# In the matter of Radha Madhav Exim Limited CP No.(IB)08-ALD-2022

> NCLT judgment dated 2022-02-14. Citation: TCN-2022-NCLT-04154. The case pertains to a petition filed under Section 59 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 14 Feb 2022
- **Citation:** TCN-2022-NCLT-04154
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/radha-madhav-exim-limited-cp-noib08-ald-2022-456fb119

## Summary

### Background

The case pertains to a petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, for the voluntary liquidation of Radha Madhav Exim Limited. The company, incorporated in 2009, sought liquidation due to increased costs, heavy market competition, and low profitability. The Board of Directors resolved to liquidate the company voluntarily in a meeting held on January 2, 2020.

## Facts

Radha Madhav Exim Limited, with CIN: U51501UP2009PLC125348, filed a petition under Section 59 of the Insolvency and Bankruptcy Code, 2016, for voluntary liquidation. The company was incorporated on January 15, 2009, with an authorized share capital of ₹2,00,00,000 and an issued, subscribed, and paid-up share capital of ₹1,59,27,810. The company decided to liquidate due to increased costs, heavy competition, and low profitability. The Board of Directors resolved to liquidate the company on January 2, 2020. The company had no creditors at the time of liquidation approval. The Liquidator, Mr. Ashok Kumar Verma, made a public announcement of the commencement of liquidation and submitted various reports and certificates. The liquidation process was completed on March 24,

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## Issues and analysis

### Issue 1: Whether the Corporate Person is eligible for dissolution under Section 59 of the Insolvency and …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, allows a corporate person to

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**Reasoning:** The court considered the facts and circumstances presented, including the company's

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**Interpretation:** The court interpreted Section 59 to mean that if a corporate person has

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**Application:** Based on the evidence presented, the court found that the Corporate Person had

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## Parties

- **Judges:** Rajasekha…; Virendra Kumar…
- **Respondents:** Radha Madhav Exim…

## Timeline

- **2009-01-15 — Incorporation of the…**: Radha Madhav Exim Limited was…
- **2020-01-02 — Board Resolution for…**: The Board of Directors resolved to…

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