# In the matter of Bluskills Education Private Limited C.P.(IB)No. 212-BB-2020

> NCLT judgment dated 2020-12-14. Citation: TCN-2020-NCLT-00099. The case pertains to a petition filed under Section 59 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 14 Dec 2020
- **Citation:** TCN-2020-NCLT-00099
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bluskills-education-private-limited-cpibno-212-bb-2020-50f92fcb

## Summary

### Background

The case pertains to a petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking an order to dissolve Bluskills Education Private Limited through voluntary liquidation. The company cited a lack of business prospects and undue pressure on long-term financial resources as reasons for initiating voluntary liquidation. The Board of Directors passed a resolution to liquidate the company voluntarily. The directors made a declaration as per Section 59 of IBC, 2016, and filed it with audited financial statements and records of business operations with the Registrar of Companies.

## Facts

Bluskills Education Private Limited, incorporated on February 13, 2017, with CIN: U74999KA2017PIC100466, filed a petition under Section 59 of the Insolvency and Bankruptcy Code, 2016, for voluntary liquidation. The company's authorized share capital was Rs. 10,00,00,000, and its paid-up capital was Rs. 4,47,78,770. The company's main objective was to provide training, education, and learning solutions. Due to a lack of business prospects and financial pressure, the Board of Directors decided to close the company through voluntary liquidation. A declaration was made on November 16, 2018, and filed with the ROC. The members passed a special resolution on December 26, 2018, to liquidate the company and appointed Puttanna Kumaraswamy as the liquidator. Public announcements

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## Issues and analysis

### Issue 1: Whether the Applicant has followed due process of law before filing the instant …

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

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**Reasoning:** The court examined the actions taken by the liquidator, including making public

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**Interpretation:** The court interpreted Section 59 of the IBC, 2016, and the IBBI (Voluntary

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**Application:** The court applied the provisions of Section 59 of the IBC, 2016, and the IBBI

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Respondents:** Bluskills…
- **Advocates:** Venkatarama…

## Timeline

- **2017-02-13 — Company Incor…**: Bluskills Education Private…
- **2018-11-16 — Declaration…**: Directors made a declaration as per Section 59…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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