# In the matter of Buffalogrid Project Private Limited

> NCLT judgment dated 2023-09-26. Citation: TCN-2023-NCLT-01466. The case pertains to the voluntary liquidation of Buffalogrid Project Private Limited under…

- **Court:** NCLT
- **Order date:** 26 Sept 2023
- **Citation:** TCN-2023-NCLT-01466
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/buffalogrid-project-private-limited-98e8aa21

## Summary

### Background

The case pertains to the voluntary liquidation of Buffalogrid Project Private Limited under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company, incorporated on November 20, 2015, sought voluntary liquidation due to its inability to recover GST refunds, which constituted a significant portion of its assets. The liquidator, Mr. Satinder Kapur, initiated the liquidation process, made public announcements, and managed the company's assets and liabilities. The application was filed to take on record the final report of the Liquidator and pass an order for dissolution of the Corporate Person.

## Facts

Buffalogrid Project Private Limited, incorporated on November 20, 2015, under the Companies Act, 2013, with CIN: U74900DL2015FTC334020, initiated voluntary liquidation. The company's primary activities involved constructing, generating, producing, assembling, trading, marketing, and modernizing solar power stations. The members passed a special resolution on February 3, 2020, approving the voluntary liquidation and appointing Satinder Kapur as the liquidator. Public announcements were made in the 'Financial Express' and 'Jansatta' newspapers on February 7, 2020, inviting claims. The liquidator filed forms GNL-2 and MGT-14 with the Registrar of Companies on February 10 and 11, 2020, respectively, notifying the declaration of solvency. The liquidator intimated the Income

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Buffalogrid Project Private Limited was conducted in …

**Ratio:** Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read with the IBBI (Voluntary

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**Reasoning:** The court examined the liquidator's actions to ensure compliance with the statutory

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**Interpretation:** The legal issue concerns the interpretation and application of Section 59(7) of

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**Application:** The court applied the ratio to the facts of the case by examining the

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## Parties

- **Judges:** MANNI SANKARIAH…; BINOD KUMAR…
- **Respondents:** Buffalogrid…; Registrar of…

## Timeline

- **2015-11-20 — Company Incor…**: Buffalogrid Project Private Limited…
- **2020-02-03 — Special Res…**: Members passed a special resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59(7) — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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