# In the matter of Khel Gaon Estates Private Limited CP(IB) No. 900-KB-2020

> NCLT judgment dated 2020-11-12. Citation: TCN-2020-NCLT-00257. The application is filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 by the…

- **Court:** NCLT
- **Order date:** 12 Nov 2020
- **Citation:** TCN-2020-NCLT-00257
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/khel-gaon-estates-private-limited-cpib-no-900-kb-2020-94ec15d8

## Summary

### Background

The application is filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 by the Liquidator, Mr. Jiwan Prakash Saini, on behalf of the corporate person, M/s. Khel Gaon Estates Private Limited, for dissolution of the corporate person upon voluntary liquidation. The Corporate Person was incorporated on 4th July, 1995 under the Companies Act, 1956 with the Registrar of Companies, West Bengal, Kolkata. Its Corporate Identity Number (CIN) is U70102WB1995PTC072570. Its Registered Office is at 75, N. S. Road, Floor IT Room No. 5, PS - Hare Street, Kolkata 700001, in the State of West Bengal.

## Facts

Khel Gaon Estates Private Limited was incorporated on July 4, 1995, under the Companies Act, 1956. The company underwent voluntary liquidation, and Jiwan Prakash Saini was appointed as the liquidator. The Board of Directors passed a resolution for voluntary winding up on August 4, 2017. The members of the company passed a special resolution on August 7, 2017, approving the voluntary winding up. The liquidator made a public announcement in two newspapers on August 8, 2017, inviting stakeholders to submit their claims. The liquidator filed relevant forms intimating the Registrar of Companies about the voluntary liquidation. The liquidator annexed various documents to the Company Petition, including financial statements, resolutions, public announcements, and reports. The

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## Issues and analysis

### Issue 1: Whether the application under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 for …

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

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**Reasoning:** The court considered the application filed by the liquidator and examined the documents

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**Interpretation:** Section 59(7) of the IBC allows for the dissolution of a corporate entity after

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

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Respondents:** KHEL GAON ESTATES…

## Timeline

- **1995-07-04 — Incorporation o…**: Khel Gaon Estates Private Limited was…
- **2017-08-04 — Board Resolution for…**: The Board of Directors of the Company passed…

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