# In the matter of Antbridge Private Limited

> NCLT judgment dated 2024-03-12. Citation: TCN-2024-NCLT-02078. The case pertains to a company petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 12 Mar 2024
- **Citation:** TCN-2024-NCLT-02078
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/antbridge-private-limited-5a76363d

## Summary

### Background

The case pertains to a company petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking voluntary liquidation of Antbridge Private Limited. The company, incorporated on 06.12.2018, resolved to close its business and apply for voluntary liquidation due to a lack of future business prospects. The Board of Directors made a declaration of solvency on 29.11.2021. Shareholders passed a special resolution for voluntary liquidation on 12.12.2021. A liquidator was appointed, and a public announcement was made regarding the commencement of liquidation. The company's status was changed to 'Under Liquidation'.

## Facts

Antbridge Private Limited, incorporated on 06.12.2018, filed a petition for voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company's authorized share capital was Rs. 5,00,00,000/-, and its paid-up capital was Rs. 1,24,600/-. The company's registered office is located in Mumbai. The company resolved to close its business due to a lack of future prospects, as decided in a Board Meeting on 29.11.2021. A declaration of solvency was made on the same date. Shareholders passed a special resolution for voluntary liquidation on 12.12.2021. Mr. Subrata Maity was initially appointed as the liquidator but was later replaced by Ms. Nayana Premji Savala. Public announcements regarding the liquidation were made on 24.12.2021 and 23.12.2021.

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## Issues and analysis

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

**Ratio:** Section 59(7) of the Insolvency and Bankruptcy Code, 2016, allows the NCLT to pass an

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**Reasoning:** The NCLT examined the submissions made by the counsel appearing for the applicant and the

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**Interpretation:** Section 59(7) provides the legal basis for dissolving a company that has

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**Application:** Based on the liquidator's report and the submitted documents, the NCLT

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## Parties

- **Judges:** Prabhat…; V.G. B…
- **Respondents:** ANTBRIDGE PRIVATE…

## Timeline

- **2018-12-06 — Company Incor…**: Antbridge Private…
- **2021-11-29 — Board Meeting R…**: The Company in its Board Meeting resolved to close down its business and also decided to…

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