# In the matter of Rajeevan Hospitals Private Limited CP (IB) No. 45-59-AMR-2022

> NCLT judgment dated 2022-05-04. Citation: TCN-2022-NCLT-02886. The case pertains to the voluntary liquidation of M/s. Raajeevan Hospitals Private Limited…

- **Court:** NCLT
- **Order date:** 4 May 2022
- **Citation:** TCN-2022-NCLT-02886
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rajeevan-hospitals-private-limited-cp-ib-no-45-59-amr-2022-6f46e8b2

## Summary

### Background

The case pertains to the voluntary liquidation of M/s. Raajeevan Hospitals Private Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016, read with the IBBI (Voluntary Liquidation Process) Regulations, 2017. The corporate debtor, incorporated in 1987, passed a special resolution on 17.04.2021 to voluntarily liquidate the company. Mr. Yugandhara Babu Lella was appointed as the liquidator. The liquidator made a public announcement on 22.04.2021, calling upon the stakeholders to submit their claims. The liquidator also prepared a preliminary report and intimated the Registrar of Companies (RoC) about the resolution to liquidate the company.

## Facts

M/s. Raajeevan Hospitals Private Limited, a private limited company incorporated on 21.08.1987, initiated voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company's authorized share capital was Rs. 20,00,000, divided into 2,00,000 equity shares of Rs. 10 each. The issued, subscribed, and paid-up share capital was Rs. 19,39,280, divided into 1,93,928 equity shares of Rs. 10 each. On 19.03.2021, the majority of the directors declared the company's solvency. A special resolution was passed on 17.04.2021, resolving to liquidate the company voluntarily, and Mr. Yugandhara Babu Lella was appointed as the liquidator. A public announcement was made on 22.04.2021, calling for stakeholders to submit their claims by 16.05.2021. The company

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## Issues and analysis

### Issue 1: Whether the requirements under Section 59 of the Insolvency and Bankruptcy Code, 2016, for …

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

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**Reasoning:** The court examined the declarations submitted by the directors, the special resolution

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

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**Application:** In this case, the court found that the applicant had complied with all the

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## Parties

- **Judges:** TELAPROLU…
- **Appellants:** Mr.CA Yugandhara…
- **Respondents:** M/s. RAJEEVAN…

## Timeline

- **1987-08-21 — Company Incor…**: M/s. Raajeevan Hospitals…
- **2021-03-19 — Declaration of…**: The majority of the directors of the Corporate Person declared the Corporate Person's…

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