# In the matter of Skills for India (IB)-463-ND-2021

> NCLT judgment dated 2022-06-06. Citation: TCN-2022-NCLT-02372. The application is filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, read…

- **Court:** NCLT
- **Order date:** 6 Jun 2022
- **Citation:** TCN-2022-NCLT-02372
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/skills-for-india-ib-463-nd-2021-9d7c0bda

## Summary

### Background

The application is 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 dissolution of Skills for India. The company's main objective was imparting training, skill development, and education. Due to no significant business operation in the preceding year, the Board of Directors decided to voluntarily liquidate the company. An Annual General Meeting approved the liquidation, and a Declaration of Solvency was filed. Mr. Narendra Singhania was appointed as the Voluntary Liquidator. The liquidator published a notification in newspapers and served a copy of the public announcement to IBBI. No claims were received from any creditor. The voluntary

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## Facts

Skills for India, a company focused on imparting training, skill development, and education, initiated voluntary liquidation due to the absence of significant business operations in the year preceding 2020. The Board of Directors unanimously decided on 2020-09-07 to liquidate the company, which was approved in an Annual General Meeting held on 2020-09-18. A declaration of solvency was filed with the ROC on 2020-08-27. Mr. Narendra Singhania was appointed as the Voluntary Liquidator on 2020-09-18. The liquidator published notifications in 'Financial Express' and 'Jansatta' on 2020-09-19 and served a copy of the public announcement to IBBI. No claims were received from creditors. Intimation was given to the Income Tax Authorities on 2020-10-08 and to the GST Authority on

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## Issues and analysis

### Issue 1: Whether the application for voluntary liquidation of Skills for India under Section 59 of the …

**Ratio:** The legal principle applied is that voluntary liquidation can be approved if the company

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**Reasoning:** The court reasoned that the company had passed a special resolution for voluntary

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**Interpretation:** Section 59 of the Insolvency and Bankruptcy Code, 2016, and the IBBI (Voluntary

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** DHARMINDER…; SUMITA PURK…; +1 more
- **Respondents:** Skills for…

## Timeline

- **2020-09-07 — Board of Directors…**: The Board of Directors unanimously decided…
- **2020-09-18 — Annual General…**: An Annual General Meeting was held to approve…

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