# In the matter of Bangalore Airport Rail Link Limited

> NCLT judgment dated 2024-11-07. Citation: TCN-2024-NCLT-00288. The case pertains to a Company Petition filed by Bangalore Airport Rail Link Ltd. under Section…

- **Court:** NCLT
- **Order date:** 7 Nov 2024
- **Citation:** TCN-2024-NCLT-00288
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bangalore-airport-rail-link-limited-aad26cdb

## Summary

### Background

The case pertains to a Company Petition filed by Bangalore Airport Rail Link Ltd. under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking voluntary liquidation. The company was incorporated on 31.03.2008 and its implementation of the HSRL Project was transferred to Bangalore Metro Rail Corporation Ltd. on 12.10.2011. The Government of Karnataka approved the proposal of Voluntary Liquidation of the Company on 09.05.2022. A special resolution to liquidate the company voluntarily was passed on 28.11.2023, and Mr. Ratnakar Shetty was appointed as the liquidator.

## Facts

Bangalore Airport Rail Link Ltd. was incorporated on 31.03.2008 under the Companies Act, 1956. The company's registered office is at BMRCL Site Office, Bengaluru. The authorized share capital is Rs.5,00,00,000/-. The main object of the company was to carry on the business in the field of planning, designing, developing, construction, maintenance, operation and financing of High Speed Metro Rail Link Network. The implementation of the HSRL Project was transferred to Bangalore Metro Rail Corporation Ltd. on 12.10.2011. The Government of Karnataka approved the voluntary liquidation on 09.05.2022. The Board of Directors passed a resolution on 28.11.2022 for taking note of the Declaration of Solvency. A special resolution to liquidate the company voluntarily was passed on

…

## Issues and analysis

### Issue 1: Whether the Applicant Company deserves to be dissolved under Section 59(8) of the Insolvency and …

**Ratio:** Section 59(8) of the Insolvency and Bankruptcy Code, 2016, confers powers to order the

…

**Reasoning:** The court examined the submissions made by the Liquidator/Applicant and perused the

…

**Interpretation:** Section 59(8) allows the court to dissolve a company if it is satisfied that

…

**Application:** The court applied Section 59(8) to the facts of the case, noting that the

…

## Parties

- **Judges:** K. Bi…; Manoj Kumar…
- **Respondents:** Bangalore Airport…
- **Advocates:** Parameshwar…

## Timeline

- **2008-03-31 — Incorpor…**: Bangalore Airport Rail Link Ltd. was…
- **2011-10-12 — Project Tr…**: Implementation of HSRL Project transferred…

## 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)

---

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/bangalore-airport-rail-link-limited-aad26cdb