# In the matter of Sanjeevan Heart Centre Limited

> NCLT judgment dated 2023-10-11. Citation: TCN-2023-NCLT-01278. The case involves a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 11 Oct 2023
- **Citation:** TCN-2023-NCLT-01278
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sanjeevan-heart-centre-limited-01ddc422

## Summary

### Background

The case involves a Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, by Sanjeevan Heart Centre Limited, seeking voluntary liquidation. The company, incorporated in 2005, resolved to voluntarily liquidate due to not carrying on any business and not earning any profits. The directors declared that the company has no debts and is not being liquidated to defraud anyone. The members passed a special resolution to liquidate the company and appointed Mr. Manoj H. Shah as the liquidator.

## Facts

Sanjeevan Heart Centre Limited, incorporated on 27.10.2005, filed a Company Petition under Section 59 of the Insolvency and Bankruptcy Code, 2016, for voluntary liquidation. The company's authorized share capital is Rs. 75,00,000, divided into equity and redeemable preference shares. The issued, subscribed, and paid-up share capital is INR 29,32,500. The company's directors resolved to voluntarily liquidate due to not carrying on any business and not earning any profits. The directors declared that the company has no debts and is not being liquidated to defraud anyone. The members passed a special resolution to liquidate the company and appointed Mr. Manoj H. Shah as the liquidator. The liquidator made public announcements and submitted resolutions and reports to the

…

## Issues and analysis

### Issue 1: Whether the company's affairs have been completely wound up and its assets completely liquidated, …

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

…

**Reasoning:** The tribunal examined the submissions made by the counsel appearing for the petitioner

…

**Interpretation:** Section 59 of the IBC provides a mechanism for a solvent company to voluntarily

…

**Application:** In this case, the company complied with the requirements of Section 59 of the

…

## Parties

- **Judges:** Prabhat…; V.G. B…
- **Respondents:** Sanjeevan Heart…
- **Advocates:** Manoj…

## Timeline

- **2005-10-27 — Company Incor…**: Sanjeevan Heart Centre Limited was…
- **2022-04-15 — Board Reso…**: Board of Directors resolved to…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sanjeevan-heart-centre-limited-01ddc422