# 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-03612. 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-03612
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bridge-over-twcom-pvt-ltd-cpib-136che-2022-9e4ac7cd

## 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 Anil Kumar Khicha as the Liquidator. The directors declared the company's solvency and filed relevant forms with the RoC on 07.10.2021. The liquidator issued a public announcement on 24.09.2021, leading to claims from stakeholders and the Employees Provident Fund Organization.

## Facts

M/s. Bridge Over TW. Com Private Limited, incorporated on 20.12.1999, engaged in communication across media but ceased commercial activities. On 11.09.2021, a Special Resolution was passed to liquidate the company voluntarily, appointing Anil Kumar Khicha as Liquidator. The directors declared solvency and filed forms with the RoC on 07.10.2021. A public announcement was made on 24.09.2021, leading to seven stakeholder claims and one from the Employees Provident Fund Organization (EPF). The company had minimal assets (Rs. 22,36,904/-). Stakeholder claims totaled Rs. 20,35,801/-, and the EPF claim was Rs. 40,998/-. The liquidator rejected the EPF claim on 20.11.2021, citing no employees for over 8 years. Rs. 20,24,020/- was distributed among stakeholders. The liquidation

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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:** The legal principle is that voluntary liquidation must adhere strictly to the procedures

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**Reasoning:** The court examined the records and submissions of the Liquidator, including the public

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**Interpretation:** Section 59 of the IBC and the IBBI Regulations provide a framework for

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**Application:** In this case, the Liquidator's actions, including the public announcement,

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## Parties

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

## Timeline

- **1999-12-20 — Company Incor…**: M/s. Bridge Over TW. Com…
- **2021-09-11 — Special Res…**: An Extraordinary General Meeting passed a Special Resolution to liquidate the company…

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