# In the matter of BNP Paribas India Consultancy Private Limited

> NCLT judgment dated 2024-05-09. Citation: TCN-2024-NCLT-01391. The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 9 May 2024
- **Citation:** TCN-2024-NCLT-01391
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bnp-paribas-india-consultancy-private-limited-66aaf024

## Summary

### Background

The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 38 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, for the voluntary liquidation and subsequent dissolution of BNP Paribas India Consultancy Private Limited. The company, incorporated in 1995, sought voluntary liquidation due to the winding up of its affairs and complete liquidation of its assets. The Board of Directors passed a resolution to voluntarily liquidate the company and appointed Mr. Shashikant Dhamne as the liquidator.

## Facts

BNP Paribas India Consultancy Private Limited (the 'Company') sought voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The Company was incorporated on 26/07/1995 and its main object was to act as financial and management consultants. The Company had a Non-Banking Finance Company (NBFC) certificate from the Reserve Bank of India (RBI), which was later surrendered. The Board of Directors decided to voluntarily liquidate the Company as its affairs were wound up and assets liquidated. A Board Meeting was convened on 18.04.2022, where a resolution was passed to voluntarily liquidate the Company, appointing Mr. Shashikant Dhamne as the Liquidator. The members of the Company passed a Special Resolution on 29.06.2022 to liquidate the Company.

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## Issues and analysis

### Issue 1: Whether the application for voluntary liquidation of BNP Paribas India Consultancy Private Limited …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, allows for voluntary liquidation

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**Reasoning:** The court reasoned that the Corporate Person and the Liquidator had made the necessary

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**Interpretation:** Section 59 of the IBC provides a mechanism for a solvent company to voluntarily

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**Application:** In this case, the court applied the provisions of Section 59 of the IBC to the

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Appellants:** Shashikant…
- **Respondents:** BNP PARIBAS INDIA…

## Timeline

- **1995-07-26 — Company Incor…**: BNP Paribas India Consultancy…
- **1998-02-27 — NBFC Certi…**: The Corporate Person received the certificate of Registration as a Non-Deposit Accepting…

## 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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