# In the matter of Aaiswarya Township Developers Private Limited

> NCLT judgment dated 2023-03-31. Citation: TCN-2023-NCLT-03976. The case pertains to the voluntary liquidation of Aaiswarya Township Developers Private Limited…

- **Court:** NCLT
- **Order date:** 31 Mar 2023
- **Citation:** TCN-2023-NCLT-03976
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aaiswarya-township-developers-private-limited-de544d6b

## Summary

### Background

The case pertains to the voluntary liquidation of Aaiswarya Township Developers Private Limited under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read with the IBBI (Voluntary Liquidation Process) Regulations, 2017. The company, incorporated in 1995, sought to dissolve due to the non-availability of business prospects and long-term financial resources. The Board of Directors passed a resolution for voluntary liquidation on 07.12.2022.

## Facts

Aaiswarya Township Developers Private Limited, incorporated on 12.10.1995, sought voluntary liquidation due to a lack of business prospects and financial resources. The company's authorized share capital was Rs.3,00,00,000, divided into 30,00,000 equity shares. The Board of Directors resolved to pursue voluntary liquidation on 07.12.2022. The majority directors declared solvency on 07.12.2022. The company had no creditors. A public announcement was made on 12.12.2022, with a claim submission deadline of 09.01.2023. The liquidator opened a bank account and distributed the remaining cash to shareholders after covering liquidation costs. The liquidation was intimated to the Income Tax Department on 16.12.2022. The liquidator submitted a preliminary report on 20.02.2023

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## Issues and analysis

### Issue 1: Whether the requirements under Section 59 of the Insolvency and Bankruptcy Code, 2016 for voluntary …

**Ratio:** Section 59 of the IBC outlines the conditions and procedures for voluntary liquidation,

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**Reasoning:** The court observed that the majority directors had declared solvency, a public

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**Interpretation:** Section 59 of the IBC is interpreted to ensure that voluntary liquidation is

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**Application:** The court applied the provisions of Section 59 to the facts of the case,

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## Parties

- **Judges:** TELAPROLU…
- **Respondents:** Aaiswarya…

## Timeline

- **1995-10-12 — Company Incor…**: Aaiswarya Township Developers…
- **2022-12-07 — Board Resolution for…**: The Board of Directors passed a…

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