# In the matter of TSI Townships(Bangalore) Private Limited

> NCLT judgment dated 2020-09-11. Citation: TCN-2020-NCLT-00637. The case pertains to the voluntary liquidation of TSI Townships (Bangalore) Private Limited.…

- **Court:** NCLT
- **Order date:** 11 Sept 2020
- **Citation:** TCN-2020-NCLT-00637
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tsi-townshipsbangalore-private-limited-93ff05ab

## Summary

### Background

The case pertains to the voluntary liquidation of TSI Townships (Bangalore) Private Limited. The company, incorporated on 16.12.2005, sought to dissolve under the provisions of the IBC Code. The Board of Directors decided to close the company due to slow-down in operations and unviable commercial prospects. An Extra-Ordinary General Meeting (EGM) was held on 21.10.2019, where a special resolution for voluntary liquidation was passed.

## Facts

TSI Townships (Bangalore) Private Limited, incorporated on 16.12.2005, initiated voluntary liquidation due to operational slowdown and unviable commercial prospects. The company's authorized share capital was Rs.2,00,000/- divided into 20,000 equity shares. An EGM was held on 21.10.2019, where a special resolution for voluntary liquidation was passed. CS Venkata Subbarao Kalva was appointed as the liquidator. The liquidator made a public announcement on 24.10.2019, seeking claims from stakeholders. The company was registered with the Income Tax authority. A bank account was opened for realization and payment to creditors. The liquidator filed a Final Report of Liquidation on 26.06.2020. All assets were disposed of, and debts were discharged to the satisfaction of

…

## Issues and analysis

### Issue 1: Whether the liquidator has complied with the provisions of Section 59 of the IBC Code, 2016, and …

**Ratio:** Section 59 of the IBC Code allows a corporate person who intends to liquidate itself

…

**Reasoning:** The court stated that the liquidator had complied with all the conditions and procedural

…

**Interpretation:** Section 59 outlines the conditions for voluntary liquidation, emphasizing

…

**Application:** The court applied the provisions of Section 59 and Regulation 3 to the facts of

…

## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** Venkata Subbarao…
- **Respondents:** TSI Townships…; The Registrar of…

## Timeline

- **2005-12-16 — Company Incor…**: TSI Townships (Bangalore) Private Limited was…
- **2019-10-18 — Notice o…**: Notice of Extra-Ordinary General Meeting…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/tsi-townshipsbangalore-private-limited-93ff05ab