NCLT New Delhi Orders Dissolution Of Recruitment And Technology Solutions Provider LIS Studylink India

The New Delhi National Company Law Tribunal (NCLT) on 15 July ordered the dissolution of Lis Studylink India Pvt. Ltd. under Section 59 of the Insolvency and Bankruptcy Code, 2016 (IBC), holding that the company's voluntary liquidation process had been completed and no liabilities remained unsatisfied.

A Bench of Judicial Member Bachu Venkat Balaram Das and Technical Member Ravindra Chaturvedi allowed the Liquidator's application seeking dissolution of the company. It held:

“In view of the foregoing steps taken and the satisfaction accorded by the Liquidator by way of the present application, there is no legal impediment in allowing the prayer of the applicant.

In the above circumstances, this Adjudicating Authority finds that it would be just and proper to order the dissolution of the Corporate Debtor as per Section 59 of the Code.”

Lis Studylink India Pvt. Ltd. was incorporated in June 2019 with its registered office in New Delhi. The company provided marketing, recruitment, and technology solutions to educational institutions and agents worldwide.

The company became inoperative by late 2023, following which its Board initiated voluntary liquidation under Section 59 of the IBC, which permits a solvent company to voluntarily wind up its affairs, read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017.

On 11 March 2025, the company's Extraordinary General Meeting passed a special resolution approving voluntary liquidation and appointed Deepak Gupta as the Liquidator. Directors Deepika Sharma and Pawan Kumar filed a declaration of solvency supported by audited financial statements for the preceding two financial years.

The Liquidator informed the Tribunal that he issued notifications to the Registrar of Companies (RoC), the Insolvency and Bankruptcy Board of India (IBBI), and the Income Tax Department. No claims or objections were received from any government authority. Also that he received claims only from the company's two shareholders, Learning Information Systems Pty Ltd and Jason Patrick Howard, after issuing the public announcement.

Further, he submitted that he opened a liquidation account with Standard Chartered Bank and paid liquidation expenses of Rs. 3.34 lakh from the available funds. He distributed the remaining balance of Rs. 2.45 lakh among the shareholders and closed the account on 30 June 2025. Therefore, he filed the final report before the RoC and IBBI on 15 July 2025, setting out the realisation of assets, payment of liquidation expenses, and distribution of funds among the company's members.

The RoC confirmed that the company had filed its last annual return and balance sheet for the financial year 2023–24 along with all required e-forms relating to the voluntary liquidation process. It also confirmed that no inquiry, inspection, complaint, or legal action was pending against the company.

The Bench noted that the company had completely wound up its affairs, liquidated its assets, and left no liabilities unsatisfied. It further noted that the company had no fixed assets, creditors, or pending litigation and that the Liquidator had properly distributed the available funds and closed the liquidation account.

Accordingly, the NCLT allowed the application and ordered the dissolution of Lis Studylink India Pvt. Ltd. under Section 59 of the IBC.

For Applicants: Advcoate Anindita Saha Debabhuti