# In the matter of Security Compass Consulting & Training Services Private Limited

> NCLT judgment dated 2024-08-06. Citation: TCN-2024-NCLT-00877. The case pertains to the voluntary liquidation of M/s. Security Compass Consulting & Training…

- **Court:** NCLT
- **Order date:** 6 Aug 2024
- **Citation:** TCN-2024-NCLT-00877
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/security-compass-consulting-training-services-private-limited-59173a79

## Summary

### Background

The case pertains to the voluntary liquidation of M/s. Security Compass Consulting & Training Services Private Limited under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read with the Voluntary Liquidation Regulations, 2017. The company was incorporated on 21.12.2010. The application for voluntary liquidation was filed by Mr. Dhanshyam Patel, the appointed Voluntary Liquidator. The company's shareholders passed a special resolution on 06.04.2023 to commence voluntary liquidation.

## Facts

M/s. Security Compass Consulting & Training Services Private Limited sought voluntary liquidation under Section 59(7) of the IBC, 2016. The company was incorporated on 21.12.2010. The company's authorized and paid-up share capital was Rs. 1,00,000/-. The company's main business was in Information Technology. The company decided to apply for voluntary liquidation because it did not intend to continue any business activity in the future. The shareholders, M/s. Kroll Associates (India) Pvt. Ltd. (1 share) and M/s. Duff & Phelps India Pvt. Ltd. (9999 shares), passed a special resolution for voluntary liquidation on 06.04.2023. Mr. Dhanshyam Patel was appointed as the Voluntary Liquidator. Public announcements were made in newspapers. All liabilities were paid off,

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## Issues and analysis

### Issue 1: Whether the application for voluntary liquidation of M/s. Security Compass Consulting & …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, and the Voluntary Liquidation

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**Reasoning:** The NCLT considered the submissions made by the Applicant Company, the report of the

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**Interpretation:** Section 59 of the IBC allows a corporate person to initiate voluntary

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**Application:** The NCLT applied Section 59 of the IBC and the Voluntary Liquidation

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## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Appellants:** Dhanshyam…
- **Respondents:** Security Compass…

## Timeline

- **2010-12-21 — Company Incor…**: Security Compass Consulting & Training…
- **2023-04-05 — Board Me…**: The Applicant Company decided to apply for Voluntary Liquidation as per provisions of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59(7) — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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