# In the matter of Saket City Hospitals Limited

> NCLT judgment dated 2024-04-24. Citation: TCN-2024-NCLT-01597. This is a Company Petition filed under Section 59(7) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 24 Apr 2024
- **Citation:** TCN-2024-NCLT-01597
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/saket-city-hospitals-limited-1ce98a9f

## Summary

### Background

This is a Company Petition filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 by Saket City Hospitals Limited through the Insolvency Professional, Ms. Sunita Umesh, for dissolution of the Corporate Person through voluntary liquidation under Section 59 of the Code. The Corporate Person has completed requisite formalities and procedure of liquidation in compliance of law and has filed this Petition for its dissolution under Section 59(7) of the Code. Saket City Hospitals Limited applied for voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code 2016. The Board of Directors decided to liquidate the company voluntarily and distribute the Business undertaking to its sole shareholder (MHIL) engaged in the similar business activity in

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## Facts

Saket City Hospitals Limited (SCHL), a company incorporated in India under the Companies Act, 1956, with CIN-U85110MH1991PLC357942, applied for voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company's registered office is located in Mumbai. The authorized share capital of SCHL is INR 70,00,00,000, comprising equity and preference shares. The issued, subscribed, and paid-up share capital is INR 29,43,24,140, held solely by Max Healthcare India Limited (MHIL). On 16.06.2022, the Board of Directors of SCHL resolved to liquidate the company voluntarily and distribute the business undertaking to MHIL, its sole shareholder. The directors declared that the company was not being liquidated to defraud any person and filed a declaration

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## Issues and analysis

### Issue 1: Whether the Corporate Person, Saket City Hospitals Limited, should be dissolved under Section 59(7) …

**Ratio:** Section 59(7) of the Insolvency and Bankruptcy Code, 2016, allows for the dissolution of

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**Reasoning:** The NCLT observed that the affairs of Saket City Hospitals Limited have been completely

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**Interpretation:** Section 59(7) provides a mechanism for dissolving a corporate entity that has

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**Application:** In this case, the NCLT applied Section 59(7) to the facts presented, noting

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## Parties

- **Judges:** Madhu S…; Reeta K…
- **Respondents:** Saket City…

## Timeline

- **1956-01-01 — Company Incor…**: Saket City Hospitals Limited…
- **2022-06-16 — Board Reso…**: Board of Directors decided to…

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