# In the matter of Radio Cine Forniture (India) Private Limited

> NCLT judgment dated 2024-02-02. Citation: TCN-2024-NCLT-02780. The case pertains to an application filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 2 Feb 2024
- **Citation:** TCN-2024-NCLT-02780
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/radio-cine-forniture-india-private-limited-a739324d

## Summary

### Background

The case pertains to an application filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, by the Liquidator, Mr. Prabhakar Bhat, seeking the dissolution of Radio Cine Forniture (India) Private Limited. The company, incorporated on 24.06.2005, had discontinued its business operations for the last six years and had no plans to revive them. The directors, Mr. Pradeep Ahuja and Mr. Satyanarayan Karkala Kamath, declared the company solvent and not being liquidated to defraud anyone, as required under Section 59(3)(a) of the Code. A special resolution was passed on 28.08.2019, approving the voluntary liquidation and appointing Mr. Prabhakar Bhat as the liquidator.

## Facts

Radio Cine Forniture (India) Private Limited, incorporated on 24.06.2005, sought voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company had discontinued its business operations for the past six years and had no plans to revive them. The directors, Mr. Pradeep Ahuja and Mr. Satyanarayan Karkala Kamath, declared the company solvent and not being liquidated to defraud anyone. A special resolution was passed on 28.08.2019, approving the voluntary liquidation and appointing Mr. Prabhakar Bhat as the liquidator. The liquidator published notifications in newspapers and submitted preliminary and final reports. The company's total assets consisted of a cash and bank balance of Rs. 83,07,560/- as of the date of passing the special

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## Issues and analysis

### Issue 1: Whether the application for voluntary liquidation under Section 59 of the Insolvency and Bankruptcy …

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

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**Reasoning:** The court considered the liquidator's application, the affidavit filed by the company's

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**Interpretation:** Section 59 provides a mechanism for companies to voluntarily liquidate their

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**Application:** In this case, the court found that the company had met the requirements of

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Respondents:** Radio Cine…

## Timeline

- **2005-06-24 — Company Incor…**: Radio Cine Forniture (India)…
- **2019-08-03 — Declaration of…**: Directors declared the company solvent as…

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