# In the matter of Sohangiri Metal and Alloys Pvt. Ltd. CP (IB)- 57(AHM)-2021

> NCLT judgment dated 2022-04-27. Citation: TCN-2022-NCLT-03045. The case pertains to an application filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 27 Apr 2022
- **Citation:** TCN-2022-NCLT-03045
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sohangiri-metal-and-alloys-pvt-ltd-cp-ib-57ahm-2021-0e0d03c3

## Summary

### Background

The case pertains to an application filed under Section 59 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Regulation 38 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, by the liquidator, Mr. Bhupendra Singh Narayan Singh Rajput, seeking an order for the dissolution of M/s. Sohangiri Metals and Alloys Pvt. Ltd., referred to as the 'Corporate Person'. The Corporate Person was incorporated on April 2, 1996. The Board of Directors decided to close down the company due to a lack of business opportunities.

## Facts

M/s. Sohangiri Metals and Alloys Pvt. Ltd. (the 'Corporate Person') sought voluntary liquidation due to a lack of business opportunities. The company was incorporated on April 2, 1996. The Board of Directors decided to close down the company. The directors declared that the company had no debt or could pay it off during liquidation. An Extra Ordinary General Meeting (EOGM) was held on December 15, 2020, where a special resolution was passed to voluntarily liquidate the Corporate Person, and Mr. Bhupendra Singh Narayan Singh Rajput was appointed as the liquidator. The liquidator made a public announcement on December 16, 2020, calling for stakeholders to submit their claims. The liquidator submitted a preliminary report on January 25, 2021, stating that there were no

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Person, M/s. Sohangiri Metals and Alloys …

**Ratio:** Section 59(8) of the IBC, 2016, confers power on the Adjudicating Authority to pass an

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**Reasoning:** The Adjudicating Authority noted that the Board of Directors had taken a conscious

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**Interpretation:** Section 59 of the IBC, 2016, provides a mechanism for the voluntary liquidation

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**Application:** In this case, the Corporate Person had made the necessary declarations,

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## Parties

- **Judges:** Madan B.…; KAUSHALENDRA…
- **Appellants:** Bhupendra Singh…
- **Respondents:** Sohangiri Metals…; ROC, Gu…

## Timeline

- **1996-04-02 — Incorporation of…**: M/s. Sohangiri Metals and Alloys…
- **2020-12-07 — Board Me…**: Board of Directors verified and approved the draft declaration as stipulated under…

## Legal provisions

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

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