# In the matter of Sandrome Projects Private Limited

> NCLT judgment dated 2020-06-16. Citation: TCN-2020-NCLT-01158. The case pertains to C.P.No.80/BB/2020 filed under Section 59(7) of the IBC Code, 2016, read…

- **Court:** NCLT
- **Order date:** 16 Jun 2020
- **Citation:** TCN-2020-NCLT-01158
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sandrome-projects-private-limited-ca117133

## Summary

### Background

The case pertains to C.P.No.80/BB/2020 filed under Section 59(7) of the IBC Code, 2016, read with the IBBI (Voluntary Liquidation) Regulations, 2017, seeking the dissolution of Sandrome Projects Private Limited. The company had no business operations for the past two years, leading the Board of Directors to approve voluntary liquidation on 05.08.2019. A special resolution for voluntary liquidation was passed on 07.08.2019, and Ms. Jayashree Parthasarathy was appointed as the liquidator. The company informed various authorities, including the Registrar of Companies (ROC), Insolvency and Bankruptcy Board of India (IBBI), ICICI Bank, and the Income Tax Department, about the liquidation process. The company surrendered its VAT, GST, Profession Tax, and Shop and

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## Facts

Sandrome Projects Private Limited was incorporated on 03.07.2015 under the Companies Act, 1956. Its registered office is situated in Jayanagar, Bengaluru. The authorized share capital of the company is Rs. 50,00,000, divided into 50,000 equity shares of Rs. 100 each, and the issued and paid-up capital is Rs. 15,00,000, divided into 15,000 equity shares of Rs. 100 each. The company's main objects include acquiring land on lease or purchase and carrying on the business of construction. The company had no business operations for the last two years. On 05.08.2019, the Board of Directors approved the proposal for voluntary liquidation. A declaration was executed stating that the company had no debts. On 07.08.2019, the shareholders passed a special resolution for voluntary

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Sandrome Projects Private Limited was conducted in …

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

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**Reasoning:** The court observed that the company had no business operations for the last two years,

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**Interpretation:** Section 59 of the IBC and related regulations provide a framework for voluntary

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**Application:** The court applied the provisions of Section 59 and the IBBI regulations to the

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** JayashreeParthasar…
- **Respondents:** Sandrome Projects…
- **Advocates:** Dakshaya…

## Timeline

- **2015-07-03 — Company Incor…**: Sandrome Projects Private Limited was…
- **2019-08-05 — Board Approval for…**: The Board of Directors of the Company approved the proposal for Voluntary Liquidation of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59 — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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