# In the matter of Task Audit and Reporting Solutions Private Limited {CP(IB)-134(CHE)-2023]

> NCLT judgment dated 2023-07-28. Citation: TCN-2023-NCLT-02291. The case pertains to a Company Petition filed by the Liquidator for the voluntary liquidation…

- **Court:** NCLT
- **Order date:** 28 Jul 2023
- **Citation:** TCN-2023-NCLT-02291
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/task-audit-and-reporting-solutions-private-limited-cpib-134che-2023-a1785d67

## Summary

### Background

The case pertains to a Company Petition filed by the Liquidator for the voluntary liquidation of Task Audit and Reporting Solutions Private Limited under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 25.09.2012 under the Companies Act, 1956, with the main object of providing software and audit technology consulting services. Due to non-availability of business prospects and long-term financial resources, the directors decided to liquidate the company. A board meeting was held on 02.03.2023 to consider winding up and voluntary liquidation. In an Extraordinary General Meeting on 15.03.2023, a special resolution was passed to appoint a liquidator.

## Facts

Task Audit and Reporting Solutions Private Limited, incorporated on 25.09.2012, aimed to provide software and audit technology consulting services. Due to a lack of business prospects and financial resources, the directors decided to liquidate the company. A board meeting was held on 02.03.2023 to consider voluntary liquidation. Shareholders passed a special resolution on 15.03.2023 to appoint a liquidator. The liquidator conducted the voluntary liquidation process according to IBBI regulations and distributed funds as per Section 53(1) of IBC, 2016. Various compliances were met, including filing reports with the ROC and IBBI. The company's affairs were completely wound up, and its assets were liquidated.

## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Task Audit and Reporting Solutions Private Limited was …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, read with the IBBI (Voluntary

…

**Reasoning:** The court examined the compliances undertaken by the Liquidator, including the Board

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**Interpretation:** Section 59 and the IBBI Regulations outline a structured process for voluntary

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**Application:** The Liquidator's actions, including holding meetings, passing resolutions, and

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## Parties

- **Judges:** SANJIV…; SAMEER…
- **Appellants:** Ms.Bhagyalakshmi.B…
- **Respondents:** Task Audit and…

## Timeline

- **2012-09-25 — Company Incor…**: Task Audit and Reporting Solutions Private Limited was incorporated under the Companies…
- **2023-03-02 — Board Me…**: A Board meeting was held to consider winding up…

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