# 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-01839. 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-01839
- **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-2021-99bc3098

## Summary

### Background

The case pertains to a company petition filed by the liquidator of Aashrayam Estates Private Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking the dissolution of the company. The company initiated voluntary liquidation proceedings, stating that it had no debts or could pay its debts in full from the proceeds of its assets. The company complied with the necessary regulations, including convening an Extra Ordinary General Meeting, appointing a liquidator, making public announcements, and notifying the Registrar of Companies and the IBBI.

## 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 objective 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 appointed Ms. Karuna Sharma as the liquidator. The liquidator made public announcements in “Financial Express” and “Jansatta” on 16.01.2020, inviting claims from

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## Issues and analysis

### Issue 1: Whether the company has complied with the provisions of Section 59 of the Insolvency and Bankruptcy …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, and the IBBI (Voluntary

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**Reasoning:** The court reasoned that the liquidator had duly performed his duties and completed

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**Interpretation:** Section 59 outlines the conditions and procedures for a corporate person to

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**Application:** The court found that the company had complied with the requirements of Section

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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…**: Liquidator made public announcements in “Financial Express” and “Jansatta” inviting…

## 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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