# In the matter of Wuxi Yushou Medicare Private Limited

> NCLT judgment dated 2024-03-07. Citation: TCN-2024-NCLT-02154. The application was filed by Wuxi Yushou Medicare Private Limited through its liquidator,…

- **Court:** NCLT
- **Order date:** 7 Mar 2024
- **Citation:** TCN-2024-NCLT-02154
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/wuxi-yushou-medicare-private-limited-74aa0abd

## Summary

### Background

The application was filed by Wuxi Yushou Medicare Private Limited through its liquidator, Sanyam Goel, under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking the dissolution of the company. The corporate debtor was incorporated on 28.12.2012. The company's board of directors approved the voluntary liquidation on 03.01.2022, and the shareholders approved it in an Extra Ordinary General Meeting. The liquidator was appointed on 03.01.2022 and took steps to comply with the necessary formalities, including informing the Registrar of Companies and IBBI, making public announcements, and preparing reports.

## Facts

Wuxi Yushou Medicare Private Limited filed an application for voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 28.12.2012. The Board of Directors approved the voluntary liquidation on 03.01.2022, and the shareholders approved it in an Extra Ordinary General Meeting. Sanyam Goel was appointed as the liquidator. The liquidator informed the Registrar of Companies and IBBI about the appointment and commencement of voluntary liquidation. The last date for submission of claims was 02.02.2022, and no claims were received. The company had no creditors. The liquidator prepared a Preliminary Report dated 17.02.2022. The corporate debtor intimated the Income Tax Department u/s 178 of Income Tax Act, 1961,

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## Issues and analysis

### Issue 1: Whether the company should be dissolved under Section 59 of the Insolvency and Bankruptcy Code, …

**Ratio:** Section 59(7) of the Insolvency and Bankruptcy Code, 2016, empowers the Adjudicating

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**Reasoning:** The Adjudicating Authority considered the reports from the liquidator and the Registrar

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**Interpretation:** Section 59 of the IBC provides a mechanism for a solvent corporate person to

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**Application:** The company complied with all the necessary procedures for voluntary

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## Parties

- **Judges:** Harnam Singh…; RAHUL BHA…
- **Respondents:** Wuxi Yushou…

## Timeline

- **2012-12-28 — Incorporation of…**: The corporate debtor, Wuxi Yushou…
- **2022-01-03 — Board of Directors…**: The Company, in its meeting of the Board of Directors, approved the declaration as…

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