# In the matter of Bridge Over TW.Com Pvt. Ltd. CP(IB)-136(CHE)-2022

> NCLT judgment dated 2023-04-26. Citation: TCN-2023-NCLT-03624. The case pertains to the voluntary liquidation of M/s. Bridge Over TW.Com Private Limited. The…

- **Court:** NCLT
- **Order date:** 26 Apr 2023
- **Citation:** TCN-2023-NCLT-03624
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bridge-over-twcom-pvt-ltd-cpib-136che-2022-026717b5

## Summary

### Background

The case pertains to the voluntary liquidation of M/s. Bridge Over TW.Com Private Limited. The company, incorporated on 20.12.1999, engaged in communication across all media but ceased commercial activities in recent years. An Extraordinary General Meeting on 11.09.2021 resulted in a Special Resolution to liquidate the company and appoint Mr. Anil Kumar Khicha as the Liquidator. The directors declared the company's solvency and filed relevant forms with the RoC on 07.10.2021. A public announcement was made on 24.09.2021, leading to the receipt of seven claims from stakeholders and one from the Employees Provident Fund Organization (EPF). The liquidator opened a new bank account for the company under liquidation and transferred the existing balances. The company had

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## Facts

M/s. Bridge Over TW.Com Private Limited, incorporated on 20.12.1999, ceased commercial operations. An Extraordinary General Meeting held on 11.09.2021 resulted in a Special Resolution to voluntarily liquidate the company. Mr. Anil Kumar Khicha was appointed as the Liquidator. The directors declared the company's solvency. A public announcement was issued on 24.09.2021. Seven claims were received from stakeholders, and one from the Employees Provident Fund Organization (EPF). The company's assets were minimal, primarily a bank balance of Rs. 22,36,904/-. The liquidator opened a new bank account for the liquidation process. Stakeholders claimed Rs.20,35,801/-, and the EPF Department claimed Rs.40,998/-. The liquidator distributed Rs.20,24,020/- amongst the seven

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of M/s. Bridge Over TW.Com Private Limited was conducted …

**Ratio:** Section 59 of the IBC, 2016, and the IBBI (Voluntary Liquidation Process) Regulations,

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**Reasoning:** The court examined the records and submissions of the Liquidator to determine whether all

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**Interpretation:** Section 59 provides a framework for companies to voluntarily liquidate their

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**Application:** The court found that the company had passed a Special Resolution, appointed a

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## Parties

- **Judges:** SANJIV…; SAMEER…
- **Respondents:** M/s. BRIDGE OVER…
- **Advocates:** Raghav Rajeev…

## Timeline

- **1999-12-20 — Company Incor…**: M/s. Bridge Over TW.Com…
- **2021-09-11 — Extraordinary General…**: A Special Resolution was passed to…

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