# In the matter of Suryam Projects Pvt. Ltd. CP (IB) 209 of 2020

> NCLT judgment dated 2021-03-22. Citation: TCN-2021-NCLT-02626. The case pertains to a petition filed under Section 59(7) of the Insolvency & Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 22 Mar 2021
- **Citation:** TCN-2021-NCLT-02626
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/suryam-projects-pvt-ltd-cp-ib-209-of-2020-5e70592b

## Summary

### Background

The case pertains to a petition filed under Section 59(7) of the Insolvency & Bankruptcy Code, 2016, read with Regulation 38 of the IBBI (Voluntary Liquidation Process) Regulations, 2017, by the liquidator, Mr. Keyur J. Shah, seeking the dissolution of Suryam Projects Private Limited. The company, incorporated for construction and development, ceased major business activities due to unfavorable business prospects, leading the directors to opt for voluntary liquidation. The directors declared solvency, and a special resolution was passed in an Extraordinary General Meeting approving the voluntary liquidation. The liquidator made public announcements, but no claims were received from creditors or stakeholders. The liquidator submitted a preliminary report and

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## Facts

Suryam Projects Private Limited, incorporated for construction and development, ceased major business activities due to unfavorable business prospects. The directors declared solvency on 2019-05-15 and passed a special resolution in an Extraordinary General Meeting on 2019-05-13, approving voluntary liquidation under Section 59 of the IBC. Keyur J. Shah was appointed as the liquidator. Public announcements were made on 2019-05-17 in 'Business Standard' and 'Gujarat Today' newspapers, with a claim submission deadline of 2019-06-14. No claims were received from operational or financial creditors, workmen, employees, or other stakeholders. The liquidator submitted a preliminary report on 2019-07-13. The liquidation cost was approximately Rs. 47,00,000/-, and assets worth

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## Issues and analysis

### Issue 1: Whether the petition for dissolution of Suryam Projects Private Limited under Section 59(7) of the …

**Ratio:** Section 59(7) of the Insolvency & Bankruptcy Code, 2016, empowers the Adjudicating

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**Reasoning:** The court considered the submissions made by the liquidator, the declaration of solvency

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**Interpretation:** Section 59(7) of the IBC provides the legal basis for the Adjudicating

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**Application:** In this case, the court applied Section 59(7) of the IBC to the facts

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Keyur J.…
- **Respondents:** Suryam Projects…

## Timeline

- **2019-05-13 — Special Resolution…**: The Petitioner Company passed a Special Resolution in an Extraordinary General Meeting…
- **2019-05-15 — Declaration of…**: The Company filed a Declaration of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59(7) — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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