Company Status: Dissolved under Section 59(8)
Understanding Voluntary Winding-Up for Solvent Companies under Section 59(8) of the Insolvency and Bankruptcy Code
When a company is marked as Dissolved under Section 59(8), it indicates that a solvent company has voluntarily chosen to wind up its operations and legally close. Section 59(8) of the Insolvency and Bankruptcy Code (IBC) provides guidelines for solvent companies that wish to cease operations and dissolve without insolvency issues.
What is Voluntary Winding-Up under Section 59(8)?
- 1. Solvent Status: The company is financially stable and capable of meeting all obligations to creditors.
- 2. Voluntary Decision: The choice to wind up operations is made by the company's management or shareholders.
- 3. Legal Closure: Following the process, the company ceases to operate and is formally removed from the company registry.
Why Would a Solvent Company Choose Voluntary Winding-Up?
- 1. Strategic Exit: Allows the company to exit the market in a structured manner.
- 2. Business Restructure: The business may choose to reorganize or redirect its resources elsewhere.
- 3. Tax Efficiency: Sometimes, dissolution provides a more tax-efficient way to distribute assets among shareholders.
Process of Voluntary Winding-Up under Section 59(8)
Step 1: Board Approval
The board of directors or shareholders approve the decision to dissolve.
Step 2: Appointment of Liquidator
An official liquidator is appointed to manage asset liquidation and closure formalities.
Step 3: Settlement of Obligations
All company debts and obligations are settled to ensure full compliance.
Step 4: Final Dissolution
Once obligations are cleared, the company is formally dissolved and removed from the registry.
List of Dissolved under section 59(8) Companies
Displaying 18 Dissolved under section 59(8) companies from MCA database.
Dissolved under section 59(8)
NAISARGIK AGRITECH (INDIA) LIMITED
723, Gunj Bazar, Hathibhai's Vadi, Delhi Gate, Madhupura, ShahibaugNA-Ahmedabad-Gujarat-380004-India
Registration Date
19 Oct, 1994
Category
Company limited by shares
Authorized Capital
₹80,000,000.00
Paid-up Capital
₹61,020,700.00
ROC Ahmedabad
Indian
Dissolved under section 59(8)
BAHUL AGRICULTURE PVT LTD
AT & POST UTRAM TAL ERONDOLJALGAONNA-JALGAON-Maharashtra-000000-India
Registration Date
20 Feb, 1986
Category
Company limited by shares
Authorized Capital
₹100,000.00
Paid-up Capital
₹100,000.00
ROC Mumbai
Indian
Dissolved under section 59(8)
OM BAKERIES PRIVATE LIMITED
301 CITY CENTRETHE MALL KANPURNA-UTTAR PRADESH-Uttar Pradesh-208004-India
Registration Date
05 Aug, 1998
Category
Company limited by shares
Authorized Capital
₹2,000,000.00
Paid-up Capital
₹1,002,000.00
ROC Kanpur
Indian
Dissolved under section 59(8)
GOVARDHAN CREATION PRIVATE LIMITED
P. NO. 8202/2/B, GIDC SACHIN, VILLAGE SACHIN, TALUKA CHORYASI,NA-SURAT-Gujarat-394230-India
Registration Date
22 Apr, 2004
Category
Company limited by shares
Authorized Capital
₹10,000,000.00
Paid-up Capital
₹9,500,000.00
ROC Ahmedabad
Indian
Dissolved under section 59(8)
SUMATI PRODUCTION AND MARKETING PRIVATE LIMITED
house no 6, Sumati Niwas, Pachim BoragaonNA-Guwahati-Assam-781033-India
Registration Date
27 May, 2004
Category
Company limited by shares
Authorized Capital
₹6,500,000.00
Paid-up Capital
₹6,410,000.00
ROC Shillong
Indian
Dissolved under section 59(8)
BHUVANAA FABRIC AGENCIES PRIVATE LIMITED
109/35 4TH CROSS IST FLOOR KARUNGALPATTY MAIN ROAD GUGAI SALEMNA-TAMIL NADU-Tamil Nadu-636006-India
Registration Date
10 Jun, 1985
Category
Company limited by shares
Authorized Capital
₹5,000,000.00
Paid-up Capital
₹3,010,000.00
ROC Coimbatore
Indian
Dissolved under section 59(8)
RAMA COTTON TEXTILES PRIVATE LIMITED
180, MAHATMA GANDHI ROAD 2ND FLOORNA-KOLKATA-West Bengal-700007-India
Registration Date
19 Feb, 2007
Category
Company limited by shares
Authorized Capital
₹5,000,000.00
Paid-up Capital
₹2,800,000.00
ROC Kolkata
Indian
Dissolved under section 59(8)
UPM INDIA PRIVATE LIMITED
208/209, A- Wing, Western Edge - II Western Express Highway, Borivali EastNA-Mumbai-Maharashtra-400066-India
Registration Date
15 Dec, 2011
Category
Company limited by shares
Authorized Capital
₹753,000,000.00
Paid-up Capital
₹752,730,000.00
ROC Mumbai
Indian
Dissolved under section 59(8)
CORE PETROLEUM LTD
D-11 SAKETNA-NEW DELHI-Delhi-110017-India
Registration Date
27 May, 1992
Category
Company limited by shares
Authorized Capital
₹10,000,000.00
Paid-up Capital
₹500,700.00
ROC Delhi
Indian
Dissolved under section 59(8)
GENCOR CULTECH INDIA PRIVATE LIMITED
DOOR NO.12/29, PLOT NO.14/1B,RANJITH ROAD, KOTTURPURAMNA-CHENNAI-Tamil Nadu-600085-India
Registration Date
24 Oct, 2017
Category
Company limited by shares
Authorized Capital
₹100,000,000.00
Paid-up Capital
₹3,524,420.00
ROC Chennai
Indian
Dissolved under section 59(8)
NICHE CHEMLINKS PRIVATE LIMITED
NO.968-A, GROUND FLOOR, 11TH MAIN, 5TH CROSS, VIJAYA BANK COLONY, BILLEKAHALLINA-BANGALORE-Karnataka-560076-India
Registration Date
13 Jul, 2000
Category
Company limited by shares
Authorized Capital
₹2,000,000.00
Paid-up Capital
₹1,790,000.00
ROC Bangalore
Indian
Dissolved under section 59(8)
S R RECLAMATION PRIVATE LIMITED
Shop No. 25, Guru Nanak Market Focal PointNA-Ludhiana-Punjab-141010-India
Registration Date
29 Jul, 2010
Category
Company limited by shares
Authorized Capital
₹4,000,000.00
Paid-up Capital
₹3,000,000.00
ROC Chandigarh
Indian
Dissolved under section 59(8)
AMMERAAL BELTECH (INDIA) PRIVATE LIMITED
Plot No.38,Door No.40, 2nd Main Road, Ambattur Industrial EstateNA-Chennai-Tamil Nadu-600058-India
Registration Date
22 Oct, 2010
Category
Company limited by shares
Authorized Capital
₹50,000,000.00
Paid-up Capital
₹30,000,000.00
ROC Chennai
Indian
Dissolved under section 59(8)
BALU INVESTMENT SERVICES PRIVATE LIMITED
ROYAL INSURANCE BLDG1ST FLOOR 14J TATA ROADNA-MUMBAI-Maharashtra-400020-India
Registration Date
14 Sep, 1983
Category
Company limited by shares
Authorized Capital
₹500,000.00
Paid-up Capital
₹100,000.00
ROC Mumbai
Indian
Dissolved under section 59(8)
PILLAR INDUSTRIES INDIA PRIVATE LIMITED
No.04, First floor Murugappan Street, SowcarpetNA-CHENNAI-Tamil Nadu-600079-India
Registration Date
11 Mar, 2020
Category
Company limited by shares
Authorized Capital
₹100,000,000.00
Paid-up Capital
₹100,000,000.00
ROC Chennai
Indian
Dissolved under section 59(8)
NIKICERAMICS INDUSTRIES LIMITED
3RD FLOOR, 893, NOTAN CHAMBERS,TURNER ROAD NEAR MOTI MAHAL RESTAURANT, BANDRA (WEST)NA-MUMBAI-Maharashtra-400050-India
Registration Date
05 Jul, 1990
Category
Company limited by shares
Authorized Capital
₹30,000,000.00
Paid-up Capital
₹28,180,000.00
ROC Mumbai
Indian
Dissolved under section 59(8)
QVC STEELS PRIVATE LIMITED
6, DR. MEGHNAD SAHA SARANI 2ND FLOORNA-KOLKATA-West Bengal-700026-India
Registration Date
09 Jan, 2008
Category
Company limited by shares
Authorized Capital
₹17,500,000.00
Paid-up Capital
₹3,900,000.00
ROC Kolkata
Indian
Dissolved under section 59(8)
MAGMA METAL PRIVATE LIMITED
F - 6 & F - 7, PHASE II, VSEZ DUVVADANA-VISAKHAPATNAM-Andhra Pradesh-530046-India
Registration Date
14 Feb, 2005
Category
Company limited by shares
Authorized Capital
₹4,500,000.00
Paid-up Capital
₹100,000.00
ROC Vijayawada
Indian
Impact on Stakeholders
- 1. Creditors: Receive full repayment as the company is solvent.
- 2. Employees: May receive compensation if outlined by the company's policy.
- 3. Shareholders: May receive a distribution of remaining assets after debts are settled.
Conclusion
Section 59(8) provides a structured path for solvent companies to voluntarily close, ensuring creditors are paid and remaining assets are managed effectively. This process allows the company to conclude its journey responsibly and legally.
Contact a Legal AdvisorBrowse Other Companies by Company Status
-
Latest Posts