The NCLT Mumbai Bench directed the dissolution of Newave Energy India Private Limited after finding that its affairs were completely wound up, assets liquidated, and debts discharged under Section 59 of the IBC.
Directing the company to be dissolved from the date of the order.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT-III
C.P. No. 4283 of 2019
Under Section 59 of Insolvency & Bankruptcy Code, 2016
In the matter of
Newave Energy India Private Limited
…..Petitioner/Corporate Person
Order delivered on: 09.11.2021
Coram:
Hon'ble Shri H.V. Subba Rao, Member (Judicial) Hon'ble Shri Chandra Bhan Singh, Member (Technical)
Appearance (through video conferencing):
For the Applicant: CS Bharat R Upadhyay
Per: Shri Chandra Bhan Singh, Member (Technical)
ORDER
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IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT-III
C.P. No. 4283/59/I&BP/NCLT/MB/2019
and long-term financial resources. Accordingly, the management is of the opinion that it is in the interest of all stakeholders to voluntarily liquidate the Company.
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IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT-III C.P. No. 4283/59/I&BP/NCLT/MB/2019
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IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT-III C.P. No. 4283/59/I&BP/NCLT/MB/2019
other explanatory information. In its opinion, the said financial statements give the information required by the Companies Act in the manner so required and give a true and fair view in conformity with the Accounting Standards specified under Section 133 of Companies Act, 2013. Further, there are no long-term contracts with the Company for which there may be any foreseeable losses and there is no amount which is to be transferred to the Investor Education and Protection Fund of the Company.
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IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT-III
C.P. No. 4283/59/I&BP/NCLT/MB/2019
Sd/Sd/- Chandra Bhan Singh H.V. Subba Rao MEMBER (TECHNICAL) MEMBER (JUDICIAL)
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1 issue framed by the court
Whether the Company should be dissolved given that the affairs have been completely wound up and assets liquidated.
1 provisions across 1 enactments
Newave Energy India Private Limited
Shri H.V. Subba Rao
Shri Chandra Bhan Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
