# In the matter of Bluecrest Technology Private Limited CP (IB) No.972-MB-IV-2022

> NCLT judgment dated 2023-01-05. Citation: TCN-2023-NCLT-05180. The case pertains to a company petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 5 Jan 2023
- **Citation:** TCN-2023-NCLT-05180
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bluecrest-technology-private-limited-cp-ib-no972-mb-iv-2022-a067ae71

## Summary

### Background

The case pertains to a company petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, for voluntary liquidation of Bluecrest Technology Private Limited. The company was incorporated on 11/09/2018. The Board of Directors resolved to voluntarily liquidate the company on 22.02.2022. The members passed a Special Resolution to liquidate the company voluntarily on 28.02.2022, appointing Mr. Nilesh Sharma as the liquidator. The liquidator made public announcements, notified the Registrar of Companies and IBBI, and submitted a list of stakeholders. The company decided to discontinue operations due to unviable business conditions and the resignation of employees. The liquidator received claims from the Equity Shareholder and submitted a final report

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## Facts

Bluecrest Technology Private Limited filed a company petition under Section 59 of the Insolvency and Bankruptcy Code, 2016, for voluntary liquidation. The company was incorporated on 11/09/2018. The Board of Directors resolved to voluntarily liquidate the company on 22.02.2022. The members passed a Special Resolution to liquidate the company voluntarily on 28.02.2022, appointing Mr. Nilesh Sharma as the liquidator. The liquidator made public announcements in various newspapers on 03.03.2022, notified the Registrar of Companies on 02.03.2022 and IBBI on 07.03.2022. The liquidator submitted a list of stakeholders as of 28.02.2022. The company had discontinued operations due to unviable business conditions and the resignation of employees. The liquidator received claims

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## Issues and analysis

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

**Ratio:** The legal principle applied is that if a company's affairs have been completely wound up

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**Reasoning:** The court reasoned that based on the submissions made by the liquidator and the documents

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**Interpretation:** Section 59(7) of the IBC allows the Tribunal to pass an order for the

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**Application:** The court applied this principle to the facts of the case, noting that the

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## Parties

- **Judges:** Manoj Kumar…; KISHORE VEMULAPALL…
- **Respondents:** Bluecrest…
- **Advocates:** Aditi S…; Nilesh S…

## Timeline

- **2018-09-11 — Company Incor…**: Bluecrest Technology Private Limited was…
- **2022-02-22 — Board Resolution for…**: The Board of Directors resolved to…

## 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)

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