# In the matter of Shivalik Medico Private Limited

> NCLT judgment dated 2022-02-24. Citation: TCN-2022-NCLT-03988. The application was filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, read…

- **Court:** NCLT
- **Order date:** 24 Feb 2022
- **Citation:** TCN-2022-NCLT-03988
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shivalik-medico-private-limited-02514b92

## Summary

### Background

The application was filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, read with the IBBI (Voluntary Liquidation Process) Regulations, 2017, by the Voluntary Liquidator seeking the dissolution of M/s. Shivalik Medico Private Limited. The company was incorporated on 13.04.1997 with an authorized share capital of Rs. 5,00,000. The Board of Directors decided to voluntarily liquidate the company on 14.09.2020 due to no significant business operation. An Extra Ordinary General Meeting was held on 12.10.2020 to approve the voluntary liquidation. The Voluntary Liquidator, Mr. Hardev Singh, was appointed on 12.10.2020.

## Facts

M/s. Shivalik Medico Private Limited sought voluntary liquidation due to a lack of significant business operations. The company was incorporated on 13.04.1997 with an authorized share capital of Rs. 5,00,000. The Board of Directors unanimously decided to voluntarily liquidate the company on 14.09.2020. An Extra Ordinary General Meeting was held on 12.10.2020 to approve the liquidation. Mr. Hardev Singh was appointed as the Voluntary Liquidator on 12.10.2020. The voluntary liquidator provided intimation to the Income Tax Authorities and published a notification in the newspaper. A bank account was opened for the liquidation process. The liquidator submitted preliminary and final reports to the IBBI and RoC. The RoC filed a status report. The Director filed an Affidavit

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## Issues and analysis

### Issue 1: Whether the application for voluntary liquidation of M/s. Shivalik Medico Private Limited should be …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, read with the IBBI (Voluntary

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**Reasoning:** The court reasoned that the applicant had complied with the necessary provisions of

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**Interpretation:** Section 59 of the IBC and related regulations are interpreted to mean that if a

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**Application:** In this case, the court applied the ratio by examining the actions taken by

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## Parties

- **Judges:** SHRI. DHARMINDER…; SUMITA PURK…; +1 more
- **Respondents:** M/s Shivalik…

## Timeline

- **1997-04-13 — Company Incor…**: Shivalik Medico Private…
- **2020-09-14 — Board Dec…**: The Board of Directors decided to…

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