# In the matter of Infrastructure Development Corporation of India Limited CP (IB)-11-GB-2019

> NCLT judgment dated 2019-05-30. Citation: TCN-2019-NCLT-03135. The case pertains to an application filed under Section 59(7) of the Insolvency & Bankruptcy…

- **Court:** NCLT
- **Order date:** 30 May 2019
- **Citation:** TCN-2019-NCLT-03135
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/infrastructure-development-corporation-of-india-limited-cp-ib-11-gb-2019-f109752f

## Summary

### Background

The case pertains to an application filed under Section 59(7) of the Insolvency & Bankruptcy Code, 2016, seeking the dissolution of Infrastructure Development Corporation of Assam Limited. The liquidator, Mr. Dhiraj Kumar Jai, filed the application. The company was incorporated on 27.06.2006 as a Non-Government Public Limited Company and had not earned any revenue in the past two years (2015-16 and 2016-17), with its only income being interest on fixed deposits.

## Facts

Infrastructure Development Corporation of Assam Limited was incorporated on 27.06.2006 as a Non-Government Public Limited Company. The company had two directors who declared solvency, stating they had made full inquiry into the company's affairs and believed it had no debts. The company had not earned any revenue during the past two years (2015-16 and 2016-17), with its only income being interest on fixed deposits. The company was declared liquidated, and the directors declared that the liquidation was not intended to defraud anyone. Payments to official creditors were made. The company's assets, consisting of fixed deposits, were liquidated, and the bank account was closed on 02.03.2019. The audited accounts of the liquidation, dated 01.03.2019, showed that the

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## Issues and analysis

### Issue 1: Whether the application for dissolution of Infrastructure Development Corporation of Assam Limited …

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

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**Reasoning:** The court reasoned that the liquidator had successfully liquidated the assets of the

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**Interpretation:** Section 59(7) provides a mechanism for dissolving a corporate entity after its

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**Application:** The court applied the ratio and reasoning to the specific facts of the case,

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## Parties

- **Judges:** Jinan…
- **Respondents:** Infrastructure…

## Timeline

- **2006-06-27 — Company Incor…**: Infrastructure Development Corporation of Assam Limited was incorporated as a…
- **2018-09-26 — Shareholder Re…**: Shareholders approved the voluntary liquidation and dissolution of the company via a…

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