# 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-01923. The case pertains to the voluntary liquidation of BSE Sammaan CSR Limited under Section 59(7)…

- **Court:** NCLT
- **Order date:** 1 Jul 2022
- **Citation:** TCN-2022-NCLT-01923
- **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-a6aa4cb3

## Summary

### Background

The case pertains to the voluntary liquidation of BSE Sammaan CSR Limited under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. 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 voluntary liquidation. The company petition was filed before the National Company Law Tribunal (NCLT), Mumbai Bench.

## Facts

BSE Sammaan CSR Limited, CIN: U74999MH2015PLC268298, was incorporated on 10.09.2015 under the Companies Act, 2013. The company's registered office is located in Mumbai. The main objects of the company included carrying on the business of providing, operating, and developing a platform for CSR activities. In the financial year 2020-2021, the entire business was handed over to the Government of India (Ministry of Corporate Affairs). The Board of Directors decided to wind up the company's affairs through voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. Mr. Venugopal Madhavan Panicker was appointed as the liquidator. The liquidator made a public announcement of the commencement of liquidation and invited the submission of claims. The

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of BSE Sammaan CSR Limited was conducted in accordance …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, read with the Insolvency and

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

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**Interpretation:** Section 59 of the IBC outlines the procedure for voluntary liquidation of a

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**Application:** The court verified that the liquidator had made a public announcement of the

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## Parties

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

## Timeline

- **2015-09-10 — Incorpor…**: 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)

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