# In the matter of BNK Holdings Private Limited

> NCLT judgment dated 2024-10-22. Citation: TCN-2024-NCLT-00377. The case pertains to an application filed by the Liquidator, Mr. Sachin Sapra, on behalf of BNK…

- **Court:** NCLT
- **Order date:** 22 Oct 2024
- **Citation:** TCN-2024-NCLT-00377
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bnk-holdings-private-limited-d8b649a3

## Summary

### Background

The case pertains to an application filed by the Liquidator, Mr. Sachin Sapra, on behalf of BNK Holdings Private Limited, seeking the dissolution of the company under Section 59 of the Insolvency & Bankruptcy Code, 2016, read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. The company was incorporated in 1997 and had suspended its operations due to a lack of business prospects. The Board of Directors passed a resolution for voluntary liquidation after noting the Declaration of Solvency. The company's authorized share capital was Rs. 60,00,000, and the issued, subscribed, and paid-up share capital was Rs. 43,09,000. The directors made declarations and resolutions as required by the Code, and a liquidator was

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## Facts

BNK Holdings Private Limited, incorporated on 23.09.1997, sought voluntary liquidation due to suspended operations and lack of business prospects. The company's authorized share capital was Rs. 60,00,000, and the issued, subscribed, and paid-up share capital was Rs. 43,09,000. The Board of Directors passed a resolution for voluntary liquidation on 14.06.2022, following a Declaration of Solvency. Mr. Sachin Sapra was appointed as the Liquidator. The company complied with Section 59 of the Insolvency & Bankruptcy Code, 2016, including declarations by directors, special resolutions, and public announcements. No claims were received from stakeholders. The Liquidator submitted reports to the Registrar of Companies (ROC) and IBBI. The ROC reported no pending inquiries or

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## Issues and analysis

### Issue 1: Whether the application for voluntary liquidation of BNK Holdings Private Limited complies with the …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, outlines the procedure for

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**Reasoning:** The Adjudicating Authority examined the application and the documents submitted by the

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**Interpretation:** Section 59 provides a structured framework for voluntary liquidation, requiring

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**Application:** In this case, the Liquidator demonstrated compliance with Section 59 by

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; Sanjeev R…
- **Respondents:** BNK HOLDINGS…; Registrar of…

## Timeline

- **1997-09-23 — Incorporation of the…**: BNK Holdings Private Limited was…
- **2022-06-14 — Board Me…**: The Board of Directors took note of the Declaration of Solvency and passed a resolution…

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