# In the matter of SWARUP AUTO PRIVATE LIMITED

> NCLT judgment dated 2024-05-02. Citation: TCN-2024-NCLT-01474. The case pertains to an application filed for the dissolution of M/s. Swarup Auto Private…

- **Court:** NCLT
- **Order date:** 2 May 2024
- **Citation:** TCN-2024-NCLT-01474
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/swarup-auto-private-limited-0a3a9cf0

## Summary

### Background

The case pertains to an application filed for the dissolution of M/s. Swarup Auto Private Limited under Section 59 of the Insolvency & Bankruptcy Code, 2016, read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. The applicant company, incorporated in 1984, was engaged in the business of sale and purchase of automobile parts. The Board of Directors approved a resolution for voluntary liquidation on August 11, 2020. The company filed necessary forms with the Registrar of Companies (ROC) and held an Extra Ordinary General Meeting (EGM) on September 5, 2020, where a special resolution for voluntary winding up was passed. Mr. Gagan Gulati was appointed as the liquidator. The company submitted that it had no outstanding

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## Facts

M/s. Swarup Auto Private Limited, incorporated on November 14, 1984, under the Companies Act, 1956, with CIN: U74899DL1984PTC019328, engaged in the sale and purchase of automobile parts. On August 11, 2020, the Board of Directors approved a resolution for voluntary liquidation. An Extra Ordinary General Meeting (EGM) was held on September 5, 2020, where a special resolution for voluntary winding up was passed, and Mr. Gagan Gulati was appointed as the liquidator. The company filed e-form MGT-14 with the ROC on August 19, 2020. A declaration of solvency was filed with the ROC along with audited financial statements. Public announcements were made in newspapers and on the IBBI website. The liquidator received and verified claims from operational creditors and

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## Issues and analysis

### Issue 1: Whether the application for dissolution of M/s. Swarup Auto Private Limited under Section 59 of the …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, provides the framework for

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**Reasoning:** The Adjudicating Authority considered the submissions made by the liquidator, the

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**Interpretation:** Section 59 of the IBC allows for voluntary liquidation when a company's

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**Application:** The Adjudicating Authority applied the provisions of Section 59 to the facts of

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## Parties

- **Judges:** MANNI SANKARIAH…; Sanjeev R…
- **Appellants:** M/s. Swarup Auto…
- **Respondents:** Swarup Auto…; Registrar of…

## Timeline

- **1984-11-14 — Company Incor…**: M/s. Swarup Auto Private Limited was…
- **2020-08-11 — Board Resolution for…**: The Board of Directors approved a resolution for voluntary liquidation of the Applicant…

## 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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