# In the matter of BSE Sammaan CSR Limited CP (IB) 651-MB-C-I-2022

> NCLT judgment dated 2022-07-01. Citation: TCN-2022-NCLT-01937. The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 1 Jul 2022
- **Citation:** TCN-2022-NCLT-01937
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bse-sammaan-csr-limited-cp-ib-651-mb-c-i-2022-929980d2

## Summary

### Background

The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, for the voluntary liquidation of BSE Sammaan CSR Limited. The company's entire business was handed over to the Government of India (Ministry of Corporate Affairs) in the financial year 2020-2021, after which the directors did not foresee any profit-making opportunities. Consequently, the Board of Directors decided to wind up the company's affairs through Member's Voluntary Winding up. The company was incorporated on 10.09.2015 under the Companies Act, 2013, with the main objective of providing a platform for CSR activities. The Board of Directors (BoD) of the Corporate Person, at its meeting held on 10.06.2021, resolved to liquidate the Petitioner/ Corporate

…

## Facts

BSE Sammaan CSR Limited, with CIN U74999MH2015PLC268298, filed a Company Petition under Section 59 of the Insolvency and Bankruptcy Code, 2016, for voluntary liquidation. The company's entire business was handed over to the Government of India (Ministry of Corporate Affairs) in the financial year 2020-2021. The Board of Directors decided to wind up the company due to a lack of foreseeable profit-making opportunities. The company was incorporated on 10.09.2015 under the Companies Act, 2013, with the objective of providing a platform for CSR activities. The authorized, issued, subscribed, and paid-up share capital of the company is ₹2,60,00,000/-. The Board of Directors (BoD) of the Corporate Person, at its meeting held on 10.06.2021, resolved to liquidate the

…

## Issues and analysis

### Issue 1: Whether the affairs of the Petitioner/Corporate Person have been completely wound up and its assets …

**Ratio:** The legal principle applied is that for a company to be dissolved under voluntary

…

**Reasoning:** The court examined the submissions made by the liquidator and the documents annexed to

…

**Interpretation:** This issue involves interpreting Section 59 of the Insolvency and Bankruptcy

…

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

…

## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Respondents:** BSE Sammaan CSR…

## Timeline

- **2015-09-10 — Company Incor…**: BSE Sammaan CSR Limited was…
- **2020-01-01 — Business Ha…**: The entire business of the Petitioner/Corporate Person was handed over to the Government…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bse-sammaan-csr-limited-cp-ib-651-mb-c-i-2022-929980d2