# In the matter of Sun Green Trading and Services Private Limited CP(IB)-36(CHE)-2023

> NCLT judgment dated 2023-04-10. Citation: TCN-2023-NCLT-03879. The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 10 Apr 2023
- **Citation:** TCN-2023-NCLT-03879
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sun-green-trading-and-services-private-limited-cpib-36che-2023-0e2e5b09

## Summary

### Background

The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, seeking voluntary liquidation of M/s. Sun Green Trading and Services Private Limited. The company was incorporated on 18.10.2019 under the Companies Act, 2013, with the object of trading in various goods. The company had not commenced any business operations since its inception and had limited assets consisting of cash and bank deposits. The Board of Directors approved a declaration of solvency and a resolution to liquidate the company voluntarily.

## Facts

M/s. Sun Green Trading and Services Private Limited was incorporated on 18.10.2019 under the Companies Act, 2013, with the intention of engaging in trading activities. However, the company did not commence any business operations since its inception. The company's assets were limited to cash and bank deposits. The Board of Directors approved a declaration of solvency and a resolution to undergo voluntary liquidation. An extraordinary general meeting (EGM) was held on 10.10.2022, where the members approved the voluntary liquidation process and appointed a liquidator. A special resolution was passed by the shareholders on the same date. Public announcements regarding the liquidation were made in Trinity Mirror (English) and Makkal Kural (Tamil) on 12.10.2022. The last

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of M/s. Sun Green Trading and Services Private Limited …

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

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**Reasoning:** The court examined the submissions of the learned counsel for the applicant and perused

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**Interpretation:** Section 59 of the IBC, 2016, allows a corporate person to initiate voluntary

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**Application:** The court applied the provisions of Section 59 of the IBC, 2016, to the facts

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## Parties

- **Judges:** Sh. Ashok Kumar…; SAMEER…
- **Appellants:** T. Rangan…
- **Respondents:** Sun Green Trading…

## Timeline

- **2019-10-18 — Company Incor…**: M/s. Sun Green Trading and Services Private Limited was incorporated under the Companies…
- **2022-10-06 — Declaration of…**: Declaration of Solvency dated 06.10.2022 is by Rakesh Bhagwan Keswani and Soong Moi…

## 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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