# In the matter of Jaishreeshyam Nirman Private Limited CP (IB) No. 833-KB-2020

> NCLT judgment dated 2021-08-06. Citation: TCN-2021-NCLT-01414. The case pertains to CP (IB) No. 833/KB/2020 filed under Section 59 of the Insolvency &…

- **Court:** NCLT
- **Order date:** 6 Aug 2021
- **Citation:** TCN-2021-NCLT-01414
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jaishreeshyam-nirman-private-limited-cp-ib-no-833-kb-2020-2c8b5a02

## Summary

### Background

The case pertains to CP (IB) No. 833/KB/2020 filed under Section 59 of the Insolvency & Bankruptcy Code, 2016, read with Regulation 38(3) of the IBBI (Voluntary Liquidation Process) Regulations, 2017. The petition was filed by Jaishreeshyam Nirman Private Limited, through its liquidator, Mr. Neeraj Kejriwal, for voluntary liquidation and dissolution. The Corporate Person was incorporated on 26.08.2013 as a private limited company. The Board of Directors resolved to liquidate the affairs of the Corporate Person on 14.03.2019 due to non-availability of business prospects and long-term financial resources. The members of the Corporate Person passed a special resolution on 10.04.2019 to liquidate the Corporate Person voluntarily and appointed Mr. Neeraj Kejriwal as

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## Facts

Jaishreeshyam Nirman Private Limited (CIN: U70102WB2013PTC196758) filed a petition for voluntary liquidation under Section 59 of the Insolvency & Bankruptcy Code, 2016. The company was incorporated on 26.08.2013. The Board of Directors resolved to liquidate the company on 14.03.2019 due to the lack of business prospects and financial resources. The members passed a special resolution on 10.04.2019 to voluntarily liquidate the company and appointed Mr. Neeraj Kejriwal as the liquidator. The company had purchased land in 2013-2014 and entered into a joint development agreement on 24.02.2014, but the directors decided to discontinue construction. The company had no creditors as per its books of accounts. The liquidator made a public announcement on 15.04.2019. The

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## Issues and analysis

### Issue 1: Whether the Corporate Person has complied with the provisions of Section 59 of the Insolvency & …

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

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**Reasoning:** The court examined the various steps taken by the Corporate Person and the Liquidator,

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**Interpretation:** The provisions of Section 59 and the related regulations are interpreted to

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**Application:** The court found that the Corporate Person had complied with all the necessary

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Respondents:** Jaishreeshyam…
- **Advocates:** Aparajit…; Sanwal Tri…

## Timeline

- **2013-08-26 — Incorpor…**: Jaishreeshyam Nirman Private…
- **2014-02-24 — Joint Development…**: The company entered into a joint development…

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