# In the matter of Tamanna Vanijya Private Limited

> NCLT judgment dated 2024-01-03. Citation: TCN-2024-NCLT-03340. The case pertains to an application filed under Section 59(7) of the Insolvency & Bankruptcy…

- **Court:** NCLT
- **Order date:** 3 Jan 2024
- **Citation:** TCN-2024-NCLT-03340
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tamanna-vanijya-private-limited-0a782f5d

## Summary

### Background

The case pertains to an application filed under Section 59(7) of the Insolvency & Bankruptcy Code, 2016, for the voluntary liquidation of Tamanna Vanijya Private Limited. The company was incorporated on 17.11.2006 and its main business involved trading, buying, and selling various goods. The Board of Directors decided to voluntarily liquidate the company due to a lack of significant operations and activities. The liquidator, CS Swati Singhania, was appointed to oversee the liquidation process.

## Facts

Tamanna Vanijya Private Limited, incorporated on 17.11.2006, sought voluntary liquidation under Section 59(7) of the Insolvency & Bankruptcy Code, 2016. The company's registered office is in Raipur, Chhattisgarh. The authorized share capital is Rs. 5,00,000, and the paid-up share capital is Rs. 3,91,000. The company's main business was trading. The Board of Directors resolved to voluntarily liquidate due to insignificant operations. CS Swati Singhania was appointed as the liquidator. The liquidator notified the ROC, made public announcements, opened a bank account, and prepared reports. No claims were received from stakeholders. The company had minimal assets, which were used to discharge liabilities. The bank account was closed. The liquidator submitted a final

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Tamanna Vanijya Private Limited was conducted in …

**Ratio:** Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 38(3) of

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**Reasoning:** The NCLT examined the actions taken by the liquidator to ensure compliance with the IBC

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**Interpretation:** The interpretation of Section 59(7) and Regulation 38(3) requires strict

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**Application:** The NCLT applied this ratio by reviewing the liquidator's actions and

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## Parties

- **Judges:** P. Moha…; KAUSHALENDRA…
- **Respondents:** Tamanna Vanijya…

## Timeline

- **2006-11-17 — Incorporation of the…**: Tamanna Vanijya Private Limited was…
- **2023-03-03 — Board Reso…**: The Board of Directors resolved to…

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