# In the matter of BTL Builders Private Limited CP (IB) No.224-Chd-Pb-2022

> NCLT judgment dated 2023-02-27. Citation: TCN-2023-NCLT-04441. The case pertains to a Company Petition filed by the Liquidator, Mr. Rajesh Dhawan, on behalf…

- **Court:** NCLT
- **Order date:** 27 Feb 2023
- **Citation:** TCN-2023-NCLT-04441
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/btl-builders-private-limited-cp-ib-no224-chd-pb-2022-11ae91ed

## Summary

### Background

The case pertains to a Company Petition filed by the Liquidator, Mr. Rajesh Dhawan, on behalf of BTL Builders Private Limited, seeking the dissolution of the company under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company, incorporated under the Companies Act, 1956, with the main object of real estate and construction, initiated voluntary liquidation proceedings. The company declared solvency, complied with the necessary provisions of the Code, and appointed a liquidator. Public announcements were made, claims were settled, and the liquidator distributed the proceeds from the realization of assets to the stakeholders.

## Facts

BTL Builders Private Limited, a company incorporated under the Companies Act, 1956, with CIN No. U45200PB2006PTC030750, initiated voluntary liquidation proceedings. The company's registered office is situated at Jalandhar Road Opp. Johal Hospital, Batala-143521. The main object of the company was to carry on the business of real estate, construction of residential houses/flats/apartments and commercial buildings, and builders and developers of land. The Authorized Share Capital of the Applicant Company is Rs.24,00,000/- divided into 2,40,000 Equity shares of Rs.10/- each. The issued, subscribed and paid-up capital is Rs. 22,07,500/- divided into 2,20,750 Equity shares having a face value of Rs. 10/- each. The company complied with Section 59(3)(a) of the Code by filing

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## Issues and analysis

### Issue 1: Whether the Applicant Company be dissolved as per the provisions of the Code and the Bankruptcy …

**Ratio:** Section 59(8) of the Insolvency and Bankruptcy Code, 2016, confers the power on the

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**Reasoning:** The Adjudicating Authority considered the facts and circumstances of the case, including

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**Interpretation:** Section 59 of the Insolvency and Bankruptcy Code, 2016, provides the procedure

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**Application:** In this case, the Adjudicating Authority found that the company had complied

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Respondents:** BTL Builders…; Registrar of…
- **Advocates:** Vishav Bharti…

## Timeline

- **2006-01-01 — Company Incor…**: BTL Builders Private Limited is incorporated under the provisions of the Companies Act,…
- **2021-03-05 — Declaration of…**: Directors of the applicant company submitted the Declaration of Solvency by way of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59 — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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