# In the matter of Baosteel Engineering India Private Limited

> NCLT judgment dated 2025-02-21. Citation: TCN-2025-NCLT-00455. The application was filed by the Liquidator under Section 59(7) of the Insolvency &…

- **Court:** NCLT
- **Order date:** 21 Feb 2025
- **Citation:** TCN-2025-NCLT-00455
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/baosteel-engineering-india-private-limited-92e5a98f

## Summary

### Background

The application was filed by the Liquidator under Section 59(7) of the Insolvency & Bankruptcy Code, 2016, read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, seeking dissolution of the applicant company following a voluntary liquidation process.

## Facts

Baosteel Engineering India Private Limited, incorporated on April 15, 2013, faced challenges due to increased raw material costs and global inflation in the steel sector, leading to insignificant business operations. Consequently, the company's management decided to suspend business activities and initiated a voluntary liquidation process under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. An Extra Ordinary General Meeting (EGM) of shareholders was held on August 17, 2022, where a special resolution was passed for the voluntary winding up of the company and the appointment of CS Jitesh Gupta as Liquidator. This resolution was duly notified to the Registrar of Companies (RoC) via e-form MGT-14 on September 29, 2022 . The Liquidator filed a Declaration of

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## Issues and analysis

### Issue 1: Whether the Applicant Company may be allowed to be dissolved under Section 59(7) of the Insolvency …

**Ratio:** The company's dissolution is allowed when the voluntary liquidation process, as per

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**Reasoning:** The Adjudicating Authority found that the Liquidator had duly performed all duties and

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**Interpretation:** The court interpreted Section 59(7) of the IBC and Regulation 38 of the

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**Application:** Given that the Liquidator had completed all filings, public announcements,

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## Parties

- **Judges:** MANNI SANKARIAH…; Sanjeev R…
- **Respondents:** Baosteel Engineeri…; Registrar of…; +3 more
- **Advocates:** Jyoti Kh…; Debesh…; +9 more

## Timeline

- **April 15, 2013 — Incorporation of…**: M/s Baosteel Engineering India Private Limited was incorporated under the Companies Act,…
- **August 17, 2022 — Extra Ordinary General…**: Shareholders passed a special resolution for voluntary winding up and appointment of CS…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59(7) — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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