govt company definition

No, since definition of Govt doesn't cover the Municipal Corporation.
As per Section 2(45) of companies Act, 2013 -

"Government company" means any company
in which not less than fifty-one per cent of the paid-up share capital is held by
the Central Government,
or by any State Government
or Governments,
or partly by the Central Government and partly by one or more State Governments,

and includes a company which is a subsidiary company of such a Government company;

Hence Municipal Corporation doesn't come under this definition.