# In the matter of Ruk Maa Real Estate Private Limited CP (IB) No. 10-CB-2021

> NCLT judgment dated 2021-08-09. Citation: TCN-2021-NCLT-01404. This case pertains to a Company Petition filed under Section 59(7) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 9 Aug 2021
- **Citation:** TCN-2021-NCLT-01404
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ruk-maa-real-estate-private-limited-cp-ib-no-10-cb-2021-ba0fd470

## Summary

### Background

This case pertains to a Company Petition filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 (IBC) for the voluntary liquidation of Ruk Maa Real Estate Private Limited. The petition was initiated by the Liquidator, CS Satish Tawniya, seeking dissolution of the Corporate Person on the grounds that the company was no longer intending to conduct any business or commercial activity. The company was incorporated on 22.03.2011 and registered under the Companies Act, 1956.

## Facts

Ruk Maa Real Estate Private Limited, incorporated on 22.03.2011, sought voluntary liquidation under Section 59(7) of the IBC, 2016, as it was no longer intending to do any business or commercial activity. The company's registered office was located in Korba, Chhattisgarh. The authorized capital was ₹16,00,000 and paid-up capital was ₹11,49,600. The Board of Directors resolved on 28/01/2019 to liquidate the company, and the members passed a special resolution on 28/02/2019, appointing CS Satish Tawniya as the Liquidator with a remuneration of ₹66,000. The company had no unsecured creditors and had ceased business operations from 28/02/2019. The Liquidator opened a bank account, made public announcements in newspapers dated 07/03/2019 and 05/03/2019, and filed audited

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## Issues and analysis

### Issue 1: Whether the Corporate Person, Ruk Maa Real Estate Private Limited, should be dissolved under …

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

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**Reasoning:** The court noted that the Corporate Person had expressed its intention to cease business

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**Interpretation:** Section 59(7) of the IBC is interpreted to allow for the dissolution of a

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**Application:** In this case, the Corporate Person demonstrated its intention to cease business

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## Parties

- **Judges:** Rajasekha…; Satya Ranjan…
- **Respondents:** Ruk Maa Real…

## Timeline

- **2011-03-22 — Incorporation o…**: Ruk Maa Real Estate Private…
- **2019-01-28 — Board Resolution for…**: The Board of Directors decided to…

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