# In the matter of TSI Townships(Bangalore) Private Limited C.P. No. 124-BB-2020

> NCLT judgment dated 2020-09-11. Citation: TCN-2020-NCLT-00642. The case pertains to the voluntary liquidation of TSI Townships (Bangalore) Private Limited.…

- **Court:** NCLT
- **Order date:** 11 Sept 2020
- **Citation:** TCN-2020-NCLT-00642
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tsi-townshipsbangalore-private-limited-cp-no-124-bb-2020-785363e9

## Summary

### Background

The case pertains to the voluntary liquidation of TSI Townships (Bangalore) Private Limited. The company, incorporated on 16.12.2005, under the Companies Act, 1956, initiated voluntary liquidation due to slow-down in operations and unviable commercial prospects. The Board of Directors proposed to close the company, and a special resolution was passed for voluntary liquidation on 21.10.2019 after an Extra-Ordinary General Meeting (EGM). The company filed necessary declarations with the Registrar of Companies and appointed CS Venkata Subbarao Kalva as the liquidator.

## Facts

TSI Townships (Bangalore) Private Limited, incorporated on 16.12.2005, under the Companies Act, 1956, initiated voluntary liquidation due to operational slowdown and unviable commercial prospects. The company's registered office was at K304, Purva Panorama Apartments, Kalena Agrahara, Bannerghatta Road, Bengaluru – 560076, with CIN: U45201KA2005PTC037970. Its Authorized Share Capital was Rs.2,00,000/- divided into 20,000 Equity Shares of Rs.10/- each. The Board of Directors proposed to close the company, and a special resolution was passed for voluntary liquidation on 21.10.2019 after an Extra-Ordinary General Meeting (EGM) on 18.10.2019. CS Venkata Subbarao Kalva was appointed as the liquidator. The liquidator made a public announcement on 24.10.2019, seeking claims

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## Issues and analysis

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

**Ratio:** Section 59 of the IBC, 2016, outlines the conditions and procedures for a corporate

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**Reasoning:** The court considered the liquidator's actions, including filing declarations, making

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**Interpretation:** Section 59 of the IBC and Regulation 3 of the IBBI Regulations are interpreted

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**Application:** In this case, the liquidator, CS Venkata Subbarao Kalva, complied with the

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## 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 — EGM Noti…**: 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)

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