# In the matter of Wonder Peak Tech Private Limited

> NCLT judgment dated 2024-01-05. Citation: TCN-2024-NCLT-03287. The case pertains to the voluntary liquidation of Wonder Peak Tech Private Limited under…

- **Court:** NCLT
- **Order date:** 5 Jan 2024
- **Citation:** TCN-2024-NCLT-03287
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/wonder-peak-tech-private-limited-77d6e8d7

## Summary

### Background

The case pertains to the voluntary liquidation of Wonder Peak Tech Private Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company, originally incorporated on 22.06.2015, faced losses due to COVID, leading the Board of Directors to resolve for voluntary liquidation on 17.08.2022. The directors filed an affidavit declaring solvency, and an Extra-Ordinary General Meeting (EGM) of shareholders passed a special resolution for liquidation. Mr. Sumit Dhadda was appointed as the Liquidator.

## Facts

Wonder Peak Tech Private Limited, incorporated on 22.06.2015, faced financial difficulties due to COVID-19, leading to losses. The company's authorized share capital was Rs. 5,00,000/-, divided into 50,000 equity shares of Rs. 10/- each. The Board of Directors resolved to voluntarily liquidate the company on 17.08.2022. The directors filed an affidavit declaring solvency on 08.08.2022. An Extra-Ordinary General Meeting (EGM) of shareholders was held on 17.08.2022, where a special resolution was passed for liquidation. Mr. Sumit Dhadda was appointed as the Liquidator. The Liquidator notified the Registrar of Companies, published notifications in newspapers, and submitted preliminary reports. Claims from creditors and shareholders were received and verified. The

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## Issues and analysis

### Issue 1: Whether the necessary compliances under Section 59 of the Insolvency and Bankruptcy Code, 2016, and …

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

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**Reasoning:** The court examined the submissions made by the counsel and the documents annexed to the

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**Interpretation:** Section 59 and the IBBI Regulations are interpreted to ensure that all

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**Application:** The court found that the Liquidator had complied with the necessary provisions

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Respondents:** Wonder Peak Tech…

## Timeline

- **2015-06-22 — Company Incor…**: Wonder Peak Tech Private Limited…
- **2022-08-17 — Board Resolution for…**: The Board of Directors resolved to…

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