# In the matter of Seaarland Management Services (India) Private Limited

> NCLT judgment dated 2023-12-05. Citation: TCN-2023-NCLT-00457. This is a Company Petition filed under section 59 of the Insolvency and Bankruptcy Code, 2016…

- **Court:** NCLT
- **Order date:** 5 Dec 2023
- **Citation:** TCN-2023-NCLT-00457
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/seaarland-management-services-india-private-limited-a5aca46f

## Summary

### Background

This is a Company Petition filed under section 59 of the Insolvency and Bankruptcy Code, 2016 (hereinafter called "Code") by Seaarland Management Services (India) Private Limited through Liquidator Mr. Arun Gupta, seeking dissolution after initiation of voluntary liquidation proceedings. The company was incorporated on 25.05.2001. The Board of Directors resolved to voluntarily liquidate the Company on 29.09.2018. The liquidator made a public announcement on 04.10.2018.

## Facts

Seaarland Management Services (India) Private Limited filed a petition under Section 59 of the Insolvency and Bankruptcy Code, 2016, for voluntary liquidation. The company was incorporated on 25.05.2001 under the Companies Act, 1956. The company's authorized share capital is Rs. 22,00,00,012/- and paid-up share capital is Rs. 1,88,49,852/-. The directors, Mr. Antonio Zacchello and Mr. Vishal Breja, declared that the company has no debts. The Board of Directors resolved to voluntarily liquidate the company on 29.09.2018. The liquidator, Mr. Arun Gupta, made a public announcement on 04.10.2018. The liquidator received claims from equity shareholders. The company doesn't have any creditors. The liquidator has submitted a preliminary report dated 13.11.2018 and a final

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## Issues and analysis

### Issue 1: Whether the company has complied with the necessary procedures for voluntary liquidation under …

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

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**Reasoning:** The court examined the documents and submissions made by the liquidator, including the

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**Interpretation:** Section 59 of the IBC is interpreted to ensure that the voluntary liquidation

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**Application:** The court found that the company had complied with the necessary procedures,

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## Parties

- **Judges:** Prabhat…; V.G. B…
- **Respondents:** Seaarland…

## Timeline

- **2001-05-25 — Company Incor…**: The Petitioner Company was incorporated under…
- **2018-09-29 — Board Resolution for…**: The Board of Directors (BOD) of the Company…

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