Authority: National Company Law Tribunal, Mumbai Bench - IV

Order Date: 19 June 2026

Case Overview

The application was filed by PCS Sunil Nanal, the liquidator of Audience Science India Private Limited (CIN: U72900PN2009FTC133956), under Section 59(7) and 59(8) of the Insolvency and Bankruptcy Code, 2016, seeking dissolution of the company after completing voluntary liquidation. The company was incorporated on 14 May 2009 as a subsidiary of US-based Audience Science Inc and ASI Holding Corporation, with its registered office in Pune. It ceased operations in May 2017 due to lack of business prospects and financial viability.

The liquidation process began with a board resolution on 27 June 2017, followed by a declaration of solvency affirmed by Managing Director Pawankumar Sadrangani on 28 June 2017. Shareholders passed a special resolution for voluntary liquidation on 17 July 2017, appointing PCS Sunil Nanal (IBBI Registration No: IBBI/IPA-002/IP-N00194/2017-18/10560) as liquidator. Consent was obtained from both creditors, including Malegaonkar and Associates.

The liquidator published public announcements in Indian Express and Loksatta on 19 July 2017, inviting claims by 16 August 2017. Regulatory filings were made with the Registrar of Companies (Forms MGT-14 and GNL-2 on 24 July 2017) and notifications sent to EPF Pune, Professional Tax Authority Pune, and ESIC Pune. The preliminary report was submitted on 29 August 2017, detailing the company's capital structure (10,131 shares wholly owned by US parent entities) and assets/liabilities.

Asset sales realized ₹33,17,981, which was used to settle all creditor claims, including employees and one operational creditor, during August-September 2017. Export receivables from the parent company were written off and intimated to Citi Bank (the authorized dealer bank) on 26 March 2018. Due to pending government refunds/advances, the process extended beyond the initial 12-month period. The liquidator complied with extended requirements, including annual status reports and contributories' meetings.

Registrations were surrendered with ESIC (15 October 2020), Professional Tax (9 February 2022), and GST (13 January 2023). The liquidation bank account with Yes Bank (Account No. 066463400002183) was closed on 27 August 2024. The final report was submitted to IBBI on 10 August 2024 and to ROC in e-form GNL-2 on 23 September 2024. Form H (Compliance Certificate) was prepared on 25 October 2024, confirming complete winding up and asset liquidation.

Final Outcome

The NCLT allowed the petition and ordered the dissolution of Audience Science India Private Limited effective from the date of the order. The liquidator was directed to submit the order to the Registrar of Companies, Income-Tax Department, IBBI, and other statutory authorities within 14 days. The liquidator must also maintain required registers and books as per Regulations 8 and 10 of the Voluntary Liquidation Process Regulations.

Topics: Corporate Insolvency, Voluntary Liquidation, NCLT Proceedings