# Sanjay J Shah, Voluntary Liquidator of Jagsukhkarak Housing Developers Limited vs. Jagsukhkarak Housing Developers Limited

> NCLT judgment dated 2026-09-17. Citation: TCN-2026-NCLT-01182. Mr. Sanjay J. Shah, Voluntary Liquidator of Jagsukhkarak Housing Developers Limited (the…

- **Court:** NCLT
- **Order date:** 17 Sept 2026
- **Citation:** TCN-2026-NCLT-01182
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/jagsukhkarak-housing-developers-ltd-ly8xo

## Summary

### Background

Mr. Sanjay J. Shah, Voluntary Liquidator of Jagsukhkarak Housing Developers Limited (the Corporate Person), filed a Company Petition under Section 59(7) and 59(8) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 38(3) of the IBBI (Voluntary Liquidation Process) Regulations, 2017. The petition sought an order for the dissolution of the Corporate Person. Jagsukhkarak Housing Developers Limited, incorporated on 10.11.2008, was engaged in real estate and housing development and had not committed any default in respect of its debts. The Board of Directors approved voluntary liquidation on 30.01.2025, and Mr. Sanjay J. Shah was appointed Liquidator on 28.02.2025. A public announcement was made, but no claims were received from creditors or shareholders. The

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## Facts

Jagsukhkarak Housing Developers Limited, the Corporate Person, was incorporated on 10.11.2008 and engaged in real estate and housing development.

The Corporate Person had not committed any default in respect of its debts, satisfying Section 59(1) of the Code.

The Board of Directors approved voluntary liquidation on 30.01.2025 under Section 59 of the Code.

Declarations of solvency dated 29.01.2025, financial statements, and a list of unsecured creditors were filed with the RoC in Form GNL-2.

An EGM resolution dated 28.02.2025 appointed Mr. Sanjay J. Shah as Liquidator.

Form MGT-14 filing and intimation under Section 59(4) to the IBBI were duly completed.

A public announcement of commencement of voluntary liquidation was published, inviting claims up to 30.03.2025.

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## Issues and analysis

### Issue 1: Whether the present petition filed under Section 59(7) and 59(8) of IB Code, 2016, for the …

**Ratio:** The Corporate Person, Jagsukhkarak Housing Developers Limited, stands dissolved from the

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**Reasoning:** The Tribunal considered the Petition, Final Report, Compliance Certificate, audited

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**Interpretation:** Section 59(8) of the IBC empowers the Adjudicating Authority to pass an order

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**Application:** Given that all assets were realized, liabilities settled, unclaimed funds

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## Parties

- **Judges:** SHAMMI KHAN,…; SANJEEV SHARMA,…; +2 more
- **Appellants:** Sanjay J Shah,…
- **Respondents:** Jagsukhkarak…
- **Other parties:** Sanjay J.…
- **Advocates:** Rahul Bh…; Aman A…

## Timeline

- **2008-11-10 — Incorporation of…**: Jagsukhkarak Housing…
- **2025-01-29 — Declaration of…**: Declarations of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59 — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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