# In the matter of Ray White (India) Private Limited CP (IB)No. 02-Vol-Chd-Hry-2019

> NCLT judgment dated 2019-04-12. Citation: TCN-2019-NCLT-03927. The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 12 Apr 2019
- **Citation:** TCN-2019-NCLT-03927
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ray-white-india-private-limited-cp-ibno-02-vol-chd-hry-2019-d48d63b6

## Summary

### Background

The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read with the IBBI (Voluntary Liquidation Process) Regulations, 2017, by Ray White (India) Private Limited, seeking dissolution through its liquidator. The company, a subsidiary of a foreign company, was incorporated on 04.02.2014. A board resolution was passed on 27.10.2017 to initiate voluntary winding up, and a liquidator was appointed. The company complied with Section 59 and other applicable provisions of the Code. The EOGM of the shareholders was held on 27.10.2017, and a special resolution was passed appointing Mr. Munish K. Sharma as the liquidator. The company has no secured or unsecured creditors and no pending litigation. The liquidator has distributed

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## Facts

Ray White (India) Private Limited, a subsidiary of a foreign company incorporated on 04.02.2014, sought voluntary liquidation. A board resolution was passed on 27.10.2017 to initiate the process, and a liquidator was appointed. An EOGM was held on 27.10.2017, where a special resolution was passed appointing Mr. Munish K. Sharma as the liquidator. The company filed forms with the RoC and intimated the IBBI. The voluntary liquidator intimated the Income Tax Authorities, who confirmed no outstanding demand. The company had no secured or unsecured creditors and no pending litigation. The liquidator invited claims from stakeholders and paid them. The liquidator submitted a final report to the IBBI and the RoC on 04.09.2018. The RoC filed a report stating no objection to the

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## Issues and analysis

### Issue 1: Whether the application for voluntary liquidation under Section 59(7) of the Insolvency and …

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

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**Reasoning:** The court considered the averments made in the petition, including the board resolution,

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**Interpretation:** Section 59(7) provides the legal basis for a corporate entity to voluntarily

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

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## Parties

- **Judges:** M.K. Sh…; Pradeep R.…
- **Respondents:** Ray White (India)…

## Timeline

- **2014-02-04 — Company Incor…**: Ray White (India) Private…
- **2017-10-27 — Board Reso…**: A resolution was passed to initiate voluntary winding up of the Company and for…

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