# In the matter of BKTB Infosolutions Private Limited

> NCLT judgment dated 2024-06-18. Citation: TCN-2024-NCLT-01145. This case involves a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 18 Jun 2024
- **Citation:** TCN-2024-NCLT-01145
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bktb-infosolutions-private-limited-1bd13365

## Summary

### Background

This case involves a Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, by BKTB Infosolutions Private Limited through its liquidator, Mr. Arun Gupta, to initiate voluntary liquidation proceedings. The company was incorporated on 20.01.2010 and had three directors. The Board of Directors resolved to voluntarily liquidate the company on 20.05.2019, as the company was not carrying on any business or earning profits. The liquidator made public announcements and notified relevant authorities, including the Registrar of Companies and IBBI. The company's affairs were examined, and it was determined that the company had no debts and was not being liquidated to defraud anyone.

## Facts

BKTB Infosolutions Private Limited, incorporated on 20.01.2010, initiated voluntary liquidation proceedings under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company's Board of Directors resolved to liquidate on 20.05.2019 due to inactivity and lack of profits. The company had three directors: Mr. Kyoung Sik Kennethe Choe, Mr. Yadnayesh Bajarang Waghmare, and Mr. Philip Wayne Roberts Jr. Mr. Arun Gupta was appointed as the liquidator. The liquidator made public announcements, notified the Registrar of Companies, Mumbai, and the IBBI. The company had trade receivables of Rs 28,531,513 at the commencement of liquidation and recovered Rs. 76,95,432 from Abrigo, Inc. The remaining balance was mutually set off against the share capital. A GST refund

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## Issues and analysis

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

**Ratio:** The principle is that if a company's affairs have been completely wound up and its assets

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**Reasoning:** The court examined the submissions made by the liquidator and the documents annexed to

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**Interpretation:** This involves interpreting the evidence presented by the liquidator to

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**Application:** Based on the evidence, the court found that the company's affairs had been

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## Parties

- **Judges:** Prabhat…; V.G. B…
- **Respondents:** BKTB Infosolutions…

## Timeline

- **2010-01-20 — Incorporation o…**: The Petitioner Company was incorporated under the provisions of Companies Act, 1956 as a…
- **2019-05-20 — Board Resolution for…**: The Board of Directors (BOD) of the Company in their meeting resolved to voluntarily…

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