# In the matter of Guwahati Real Estate Limited CP. (IB) No. 17-GB-2021

> NCLT judgment dated 2021-11-30. Citation: TCN-2021-NCLT-00360. The case pertains to the voluntary liquidation of Guwahati Real Estate Limited (GREL) under…

- **Court:** NCLT
- **Order date:** 30 Nov 2021
- **Citation:** TCN-2021-NCLT-00360
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/guwahati-real-estate-limited-cp-ib-no-17-gb-2021-0e96b7cc

## Summary

### Background

The case pertains to the voluntary liquidation of Guwahati Real Estate Limited (GREL) under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. GREL, originally incorporated as Gauhati Stock Exchange Ltd, underwent a name change after SEBI allowed its exit as a stock exchange due to low trading turnover. The company's board of directors decided to wind up the company due to a lack of business prospects and financial viability. The application for dissolution was filed by the voluntary liquidator, Mr. Amit Pareek. The company had no creditors, and the members approved a special resolution for voluntary liquidation. The initial liquidator, Mr. Om Prakash Rathi, resigned due to health issues and later passed away, causing delays in the process. Mr. Pareek took over

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## Facts

Guwahati Real Estate Limited (GREL), originally Gauhati Stock Exchange Ltd, sought voluntary liquidation under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company's authorized share capital was Rs. 10,00,000.00, with a paid-up share capital of Rs. 5,90,000.00. The board decided to wind up due to a lack of business prospects. Mr. Amit Pareek was appointed as the liquidator, replacing Mr. Om Prakash Rathi, who resigned due to health issues and later passed away. The company had no creditors. A special resolution for voluntary liquidation was passed on February 14, 2019. Public announcements were made, and meetings of contributories were held. Unclaimed amounts of Rs. 9,09,596.00 were transferred to the IBBI-Corporate Voluntary Liquidation Account. All

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## Issues and analysis

### Issue 1: Whether the application for voluntary liquidation of Guwahati Real Estate Limited under Section …

**Ratio:** Section 59(7) of the Insolvency and Bankruptcy Code, 2016, allows for the voluntary

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**Reasoning:** The court reasoned that the company had no creditors and had passed a special resolution

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**Interpretation:** Section 59(7) provides a mechanism for companies to voluntarily wind up their

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**Application:** The court applied Section 59(7) to the facts of the case, noting that Guwahati

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## Parties

- **Judges:** H.V. Subb…; Prasanta Kumar…
- **Respondents:** Guwahati Real…; Registrar of…

## Timeline

- **2005-11-29 — Company Incor…**: Guwahati Real Estate…
- **2012-05-30 — SEBI Cir…**: SEBI issued a circular regarding voluntary surrender of recognition and exit for stock…

## 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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