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

> NCLT judgment dated 2021-11-30. Citation: TCN-2021-NCLT-00359. 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-00359
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/guwahati-real-estate-limited-cp-ib-no-17-gb-2021-a5c5189d

## 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 faced challenges in maintaining business prospects and financial viability, leading the Board of Directors to opt for voluntary winding up. The application for dissolution was filed by the liquidator, Mr. Amit Pareek. The Registrar of Companies (ROC) raised concerns regarding the transfer of unclaimed amounts to the IBBI-Corporate Liquidation Account. The liquidator clarified that the correct circular for voluntary liquidation was followed.

## Facts

Guwahati Real Estate Limited (GREL), formerly Gauhati Stock Exchange Ltd, initiated 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 company's registered office was located in Guwahati. Mr. Amit Pareek served as the liquidator, succeeding Mr. Om Prakash Rathi, who resigned due to health issues and later passed away. The company had no creditors and passed a special resolution for voluntary liquidation on 14.02.2019. Public announcements were made, and reports were submitted to the IBBI. The liquidator transferred unclaimed amounts of Rs. 9,09,596.00 to the IBBI-Corporate Liquidation Account. All company bank accounts

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Guwahati Real Estate Limited was conducted in …

**Ratio:** The legal principle applied is that voluntary liquidation must adhere strictly to the

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**Reasoning:** The court reasoned that the company had passed the necessary special resolutions, made

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**Interpretation:** The interpretation of the legal issue involves ensuring that all steps in the

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**Application:** In this specific case, the court applied the ratio by examining the documents

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## Parties

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

## Timeline

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

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