# In the matter of Sikchi India Technologies Private Limited

> NCLT judgment dated 2024-01-11. Citation: TCN-2024-NCLT-03189. The case pertains to a Company Petition (IB) 563/MB/2023 filed under Section 59 of the…

- **Court:** NCLT
- **Order date:** 11 Jan 2024
- **Citation:** TCN-2024-NCLT-03189
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sikchi-india-technologies-private-limited-ad3b5568

## Summary

### Background

The case pertains to a Company Petition (IB) 563/MB/2023 filed under Section 59 of the Insolvency & Bankruptcy Code, 2016, for the voluntary liquidation of Sikich India Technologies Private Limited. The company's directors decided to liquidate the company voluntarily, and a special resolution was passed in an Extra Ordinary General Meeting (EoGM). The liquidator made a public announcement, and the directors declared that the Corporate Person has no debt and is not being liquidated to defraud any person. The liquidator submitted a preliminary report and a final report, and the affairs of the company have been completely wound up.

## Facts

Sikich India Technologies Private Limited filed a Company Petition (IB) 563/MB/2023 under Section 59 of the Insolvency & Bankruptcy Code, 2016, for voluntary liquidation. The company's registered office is located in Pune, Maharashtra. The company was incorporated on 24.01.2015. The authorized share capital is Rs. 1,00,000/-. The company's directors decided to liquidate the company voluntarily in a meeting held on 24.11.2020, and a special resolution was passed in an Extra Ordinary General Meeting (EoGM) held on 27.11.2020. Mr. Arun Gupta was appointed as the Insolvency Professional. The liquidator made a public announcement on 30.11.2020 and 01.12.2020, inviting claims from stakeholders. The directors declared on 11.02.2020 that the company had no debts. The

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process initiated by Sikich India Technologies Private Limited is …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, and the related regulations

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**Reasoning:** The court examined the submissions made by the counsel for the petitioner and the

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**Interpretation:** Section 59 of the IBC provides a mechanism for a solvent corporate person to

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**Application:** In this case, the court found that the company had complied with the

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## Parties

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

## Timeline

- **2015-01-24 — Incorpor…**: Sikich India Technologies Private Limited was…
- **2020-02-11 — Declaration of…**: The Directors of the Company declared on…

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