# In the matter of Aashrayam Estates Private Limited CP (IB) No. 84-Vol.-Chd-Hry-2021

> NCLT judgment dated 2022-07-06. Citation: TCN-2022-NCLT-01836. The case pertains to a company petition filed by the liquidator of Aashrayam Estates Private…

- **Court:** NCLT
- **Order date:** 6 Jul 2022
- **Citation:** TCN-2022-NCLT-01836
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aashrayam-estates-private-limited-cp-ib-no-84-vol-chd-hry-2021-12b8b977

## Summary

### Background

The case pertains to a company petition filed by the liquidator of Aashrayam Estates Private Limited, seeking the dissolution of the company under Section 59 of the Insolvency and Bankruptcy Code, 2016, following a voluntary liquidation process. The company, incorporated under the Companies Act, 1956, initiated voluntary liquidation due to not carrying on any material business for some years and only bearing costs in respect of compliances, resources, etc. The company's board of directors unanimously proposed the liquidation.

## Facts

Aashrayam Estates Private Limited, a company incorporated under the Companies Act, 1956, initiated voluntary liquidation proceedings under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company's registered office is located in Gurgaon, Haryana. The company's object was to carry on the business of construction of residential houses, commercial buildings, flats, and factory sheds. The authorized share capital of the company is Rs. 2,51,00,000/-. The Board of Directors convened an Extra Ordinary General Meeting on 13.01.2020 to pass a special resolution to voluntarily liquidate the company and appoint Ms. Karuna Sharma as the Liquidator. The liquidator made a public announcement inviting claims from stakeholders. The company had duly notified the Registrar

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## Issues and analysis

### Issue 1: Whether the Applicant Company should be dissolved as per the provisions of the Code and the …

**Ratio:** Section 59(8) of the Insolvency and Bankruptcy Code, 2016, confers power on the

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**Reasoning:** The Adjudicating Authority considered the facts and circumstances of the case, including

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**Interpretation:** Section 59(8) empowers the Adjudicating Authority to dissolve a corporate

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**Application:** The Adjudicating Authority applied Section 59(8) to the facts of the case,

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Respondents:** Aashrayam Estates…; Registrar of…

## Timeline

- **2020-01-13 — Extra Ordinary General…**: Board of Directors convened an Extra Ordinary General Meeting to pass a special…
- **2020-01-16 — Public Annou…**: The liquidator published a public announcement in “Financial Express” (English) and in…

## 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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