# In the matter of Theramyt Novobiologics Pvt. Ltd.

> NCLT judgment dated 2024-01-31. Citation: TCN-2024-NCLT-02828. The case pertains to a Company Petition filed by Theramyt Novobiologics Pvt. Ltd., seeking a…

- **Court:** NCLT
- **Order date:** 31 Jan 2024
- **Citation:** TCN-2024-NCLT-02828
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/theramyt-novobiologics-pvt-ltd-fd194043

## Summary

### Background

The case pertains to a Company Petition filed by Theramyt Novobiologics Pvt. Ltd., seeking a direction for its dissolution under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 22.07.2013. The Board of Directors, in a meeting on 24.12.2019, proposed voluntary liquidation, and a resolution to liquidate the company was passed in an Extraordinary General Meeting on 02.01.2020. The liquidator, Shri Balady Shekar Shetty, was appointed to manage the liquidation process.

## Facts

Theramyt Novobiologics Pvt. Ltd. filed a Company Petition seeking dissolution under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 22.07.2013. The Board of Directors proposed voluntary liquidation on 24.12.2019, and the shareholders passed a resolution on 02.01.2020. Shri Balady Shekar Shetty was appointed as the liquidator. The company's authorized share capital is Rs.66,43,100/-, and the issued, subscribed, and paid-up share capital is Rs.51,42,270/-. The liquidator made public announcements and submitted a preliminary report. The last date for submission of claims was 01.02.2020, and no claims were received. The liquidator also closed the bank account on 30.03.2023 and submitted the final report on 06.04.2023. The Income Tax

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## Issues and analysis

### Issue 1: Whether the affairs of the Corporate Person have been completely wound up and its assets have been …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, and Regulation 37(2) of the

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**Reasoning:** The court considered the records available and perused the provisions of the Code and the

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**Interpretation:** Section 59 of the IBC and Regulation 37(2) of the IBBI Regulations are

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**Application:** In this case, the liquidator submitted a final report, and the court determined

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## Parties

- **Judges:** K. Bi…; Manoj Kumar…
- **Respondents:** Theramyt Novobiolo…

## Timeline

- **2013-07-22 — Company Incor…**: Theramyt Novobiologics…
- **2019-12-24 — Board Me…**: The Board of Directors considered…

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