# In the matter of Rreconstructive Surgery India

> NCLT judgment dated 2024-07-29. Citation: TCN-2024-NCLT-00933. The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 29 Jul 2024
- **Citation:** TCN-2024-NCLT-00933
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rreconstructive-surgery-india-9726fe64

## Summary

### Background

The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking voluntary liquidation of M/s Reconstructive Surgery India. The company was incorporated in 1987 and had an authorized share capital of Rs. 1,00,000. The Board of Directors passed a resolution for voluntary liquidation on 22.09.2023, citing failure to obtain necessary approval under the Foreign Contribution Regulation Act. The shareholders passed a special resolution on 28.09.2023 to liquidate the company and appointed Mr. Shailesh Baheti as the liquidator. The liquidator issued a public announcement on 01.10.2023, and no claims were received from stakeholders. The liquidator also intimated the commencement of liquidation to the Income Tax Authority on

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## Facts

M/s Reconstructive Surgery India, a company incorporated under the Companies Act, 1956, filed a Company Petition under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking voluntary liquidation. The company's authorized share capital was Rs. 1,00,000. On September 22, 2023, the Board of Directors passed a resolution for voluntary liquidation due to the inability to obtain approval under the Foreign Contribution Regulation Act. On September 28, 2023, the shareholders passed a special resolution to liquidate the company and appointed Mr. Shailesh Baheti as the liquidator. A public announcement was issued on October 1, 2023, and no claims were received from stakeholders. The liquidator informed the Income Tax Authority on January 23, 2024. The Registrar of

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## Issues and analysis

### Issue 1: Whether Section 8(6) of the Companies Act, 2013, is applicable to the present petition for …

**Ratio:** Section 8(6) of the Companies Act, 2013, empowers the Central Government to revoke the

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**Reasoning:** The NCLT reasoned that the present petition is for voluntary winding up under Section 59

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**Interpretation:** The interpretation of Section 8(6) and Section 59 of the IBC, 2016, is that

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**Application:** In this case, the NCLT applied the ratio by determining that the company's

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Sailesh B…
- **Respondents:** M/s Reconstructive…; Registrar of…

## Timeline

- **1987-05-28 — Company Incor…**: M/s Reconstructive Surgery India was…
- **2023-09-20 — Declaration by…**: All the Directors of the Corporate person made a declaration under Section 59(3)(a) of…

## 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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