# In the matter of American Orient Capital Partners India Private Limited CP (IB) No. 660-PB-2021

> NCLT judgment dated 2023-01-25. Citation: TCN-2023-NCLT-04900. The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 25 Jan 2023
- **Citation:** TCN-2023-NCLT-04900
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/american-orient-capital-partners-india-private-limited-cp-ib-no-660-pb-2021-46a3aa5c

## Summary

### Background

The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, for the dissolution of American Orient Capital Partners India Private Limited. The company was incorporated on 13.02.1995 under the Companies Act, 1956, as a private limited company. The Board of Directors decided to wind up the affairs of the company voluntarily due to the inability to run commercial operations profitably. A special resolution was passed in the Annual General Meeting held on 24.06.2021 to liquidate the Corporate Person voluntarily. The majority directors have given a Declaration of Solvency and resolved to wind up the company.

## Facts

American Orient Capital Partners India Private Limited was incorporated on 13.02.1995. The company's registered office is located in New Delhi. The Board of Directors decided to wind up the company due to the inability to run commercial operations profitably. A special resolution was passed on 24.06.2021 to liquidate the company voluntarily. Mr. Sanjay Kumar Jha was appointed as the liquidator. The liquidator made public announcements inviting submission of claims. The company notified the RoC about the special resolution. The liquidator filed a preliminary report stating that there is no outstanding demand as on liquidation commencement date. The majority directors declared that the Corporate Person is not being liquidated to defraud any person. The members in their

…

## Issues and analysis

### Issue 1: Whether the affairs of the Corporate Person have been completely wound up and its assets have been …

**Ratio:** Section 59(7) of the Insolvency and Bankruptcy Code, 2016, allows for the dissolution of

…

**Reasoning:** The court perused the documents annexed to the application and heard the submissions made

…

**Interpretation:** The interpretation of Section 59(7) requires the court to be satisfied that all

…

**Application:** Based on the liquidator's submissions and the documents, the court determined

…

## Parties

- **Judges:** Ramalingam…; Shri. Avinash K.…
- **Respondents:** American Orient…

## Timeline

- **1995-02-13 — Company Incor…**: American Orient Capital Partners India Private Limited was incorporated under the…
- **2021-05-25 — Board of Directors…**: The Board of Directors decided to wind up…

---

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-division-bench-court-i-chenn/american-orient-capital-partners-india-private-limited-cp-ib-no-660-pb-2021-46a3aa5c