# In the matter of United Equity Private Limited (IB)-262-ND-2021

> NCLT judgment dated 2022-03-10. Citation: TCN-2022-NCLT-03809. The case pertains to the voluntary liquidation of M/s United Equity Private Limited. The…

- **Court:** NCLT
- **Order date:** 10 Mar 2022
- **Citation:** TCN-2022-NCLT-03809
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/united-equity-private-limited-ib-262-nd-2021-682c88b2

## Summary

### Background

The case pertains to the voluntary liquidation of M/s United Equity Private Limited. The company suspended its trading operations due to a lack of business prospects. The Board of Directors unanimously decided to voluntarily liquidate the company on 2019-09-06. An Extra Ordinary General Meeting was held on 2019-09-23 to approve the voluntary liquidation. The liquidator submitted a preliminary report to the company on 2019-02-11 and the final report to the IBBI and RoC.

## Facts

M/s United Equity Private Limited, a public limited company incorporated on 2009-01-22, underwent voluntary liquidation proceedings. The company had suspended its trading operations due to a lack of business prospects. The Board of Directors decided to voluntarily liquidate the company on 2019-09-06, and the members approved this decision in an Extra Ordinary General Meeting on 2019-09-23. Mr. Devinder Arora, an Insolvency Professional, was appointed as the Voluntary Liquidator. The liquidator gave the required intimation under section 178 of the Income Tax Act, 1961, to the Income Tax Authorities. The liquidator published a notification in newspapers and submitted reports to the IBBI and RoC. No claims were received from any creditor. The ROC filed a status report

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## Issues and analysis

### Issue 1: Whether the application for voluntary liquidation of M/s United Equity Private Limited should be …

**Ratio:** The court has the power to allow the voluntary liquidation of a company if the necessary

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**Reasoning:** The court considered the compliances made by the voluntary liquidator, the status report

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**Interpretation:** The court interpreted Section 59 of the Insolvency and Bankruptcy Code, 2016,

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**Application:** In this case, the voluntary liquidator had complied with all the necessary

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## Parties

- **Judges:** DHARMINDER…; SUMITA PURK…; +1 more
- **Respondents:** M/s United Equity…

## Timeline

- **2009-01-22 — Company Incor…**: M/s United Equity Private…
- **2019-02-11 — Preliminary Report…**: The voluntary liquidator submitted a…

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