# In the matter of Vista Soft India Private Limited

> NCLT judgment dated 2024-05-03. Citation: TCN-2024-NCLT-01452. The case pertains to a Company Petition filed by the Liquidator of M/s. Vista Soft India…

- **Court:** NCLT
- **Order date:** 3 May 2024
- **Citation:** TCN-2024-NCLT-01452
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vista-soft-india-private-limited-ad82e94e

## Summary

### Background

The case pertains to a Company Petition filed by the Liquidator of M/s. Vista Soft India Private Limited under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, seeking the dissolution of the company. The Petitioner Company was incorporated on 09.11.2000 and was primarily engaged in providing equity research and software services to clients in the USA. The Board of Directors approved the voluntary liquidation on 23rd February 2022. Mr. Asir Raja Selvan was appointed as the Liquidator during an Extraordinary General Meeting held on 2nd March 2022.

## Facts

M/s. Vista Soft India Private Limited, incorporated on 09.11.2000, was engaged in providing equity research and software services. On 23rd February 2022, the Board of Directors approved voluntary liquidation. Mr. Asir Raja Selvan was appointed as the Liquidator on 2nd March 2022. The liquidator filed a petition under Section 59(7) of the IBC, 2016, seeking dissolution. The company's affairs were wound up, and assets liquidated. The court noted a discrepancy in the amount stated in the Realization and Distribution, but the liquidator was unable to clarify the issue. The audited accounts of the liquidation, showing receipts and payments pertaining to liquidation since the liquidation commencement date on Mar 02, 2022 upto June 19, 2023, were presented. The receipts

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## Issues and analysis

### Issue 1: Whether the company, Vista Soft India Private Limited, should be dissolved under Section 59(8) of …

**Ratio:** Section 59(8) of the Insolvency and Bankruptcy Code, 2016, empowers the court to order

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**Reasoning:** The court examined the submissions and documents, finding that the company's affairs had

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**Interpretation:** Section 59(8) provides the legal basis for dissolving a company after the

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**Application:** Given the findings that Vista Soft India Private Limited had completed its

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Asir Raja…
- **Respondents:** Vista Soft India…

## Timeline

- **2000-11-09 — Company Incor…**: Vista Soft India Private…
- **2022-02-23 — Board Approval for…**: The Board of Directors approved the voluntary…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59(7) — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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