# 2nd Jan 2019 in the matter of Chokhani Global Express Limited (IB)-1575-ND-2018

> NCLT judgment dated 2019-01-02. Citation: TCN-2019-NCLT-05344. The case pertains to the voluntary liquidation of Chokhani Global Express Limited under Section…

- **Court:** NCLT
- **Order date:** 2 Jan 2019
- **Citation:** TCN-2019-NCLT-05344
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/2nd-jan-2019-in-the-matter-of-chokhani-global-express-limited-ib-1575-nd-2018-837c42dc

## Summary

### Background

The case pertains to the voluntary liquidation of Chokhani Global Express Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company, incorporated in 1991, faced a lack of significant business operations and suspension of share trading by the Bombay Stock Exchange. Consequently, the Board of Directors decided to voluntarily liquidate the company. The voluntary liquidator followed the procedures outlined in the IBBI Regulations, including publishing notifications, submitting reports, and obtaining necessary certificates.

## Facts

Chokhani Global Express Limited, incorporated on 31.07.1991, with an authorized capital of Rs. 9,00,00,000/- and a paid-up share capital of Rs. 3,91,79,000/-, faced a period of no significant business operations. Its shares were suspended from trading by the Bombay Stock Exchange on 01.12.2017. The Board of Directors unanimously decided to voluntarily liquidate the company after determining that it could pay off its debts from the proceeds of its assets. A declaration of solvency was affirmed by the directors. Mr. Deepak Kukreja was appointed as the Voluntary Liquidator via a special resolution passed on 25.12.2017. The voluntary liquidator complied with the IBBI Regulations, publishing notifications in newspapers, submitting reports to the IBBI, and obtaining a 'No

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## Issues and analysis

### Issue 1: Whether the application for dissolution of Chokhani Global Express Limited under Section 59 of the …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, read with the IBBI (Voluntary

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**Reasoning:** The court reasoned that the voluntary liquidator had complied with all the necessary

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**Interpretation:** Section 59 of the IBC is interpreted to mean that a company can be dissolved

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**Application:** In this specific case, the ratio and reasoning were applied to the facts

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## Parties

- **Judges:** Ina Mal…; Deepa Kr…; +1 more
- **Respondents:** Chokhani Global…

## Timeline

- **1991-07-31 — Company Incor…**: Chokhani Global Express…
- **2017-12-01 — Share Trading S…**: The Bombay Stock Exchange suspended…

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