# In the matter of Central Railside Warehouse Company Limited

> NCLT judgment dated 2024-11-19. Citation: TCN-2024-NCLT-00201. The case pertains to the voluntary liquidation of Central Railside Warehouse Company Limited,…

- **Court:** NCLT
- **Order date:** 19 Nov 2024
- **Citation:** TCN-2024-NCLT-00201
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/central-railside-warehouse-company-limited-ca72ce2c

## Summary

### Background

The case pertains to the voluntary liquidation of Central Railside Warehouse Company Limited, initiated under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company, incorporated in 2007, engaged in planning, developing, and operating railside warehousing complexes. The application for voluntary liquidation was filed by the liquidator, Mr. Saurabh Sharma. The company's board of directors had provided a declaration of solvency, stating the company could pay its debts in full. The members of the company passed a special resolution approving the voluntary liquidation in an Extra Ordinary General Meeting. The liquidator took over the management and control of the company's affairs. The liquidator also intimated the ROC and IBBI about the commencement of the

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## Facts

Central Railside Warehouse Company Limited was incorporated on July 10, 2007. The company's business involved planning, developing, and operating railside warehousing complexes. The company's board of directors provided a declaration of solvency, stating the company could pay its debts in full. The members of the company passed a special resolution approving the voluntary liquidation in an Extra Ordinary General Meeting held on February 6, 2023. The liquidator, Mr. Saurabh Sharma, took over the management and control of the company's affairs. The liquidator intimated the ROC and IBBI about the commencement of the voluntary liquidation proceedings. The company was maintaining 34 current bank accounts, which the liquidator endeavored to close. The company entered into a

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## Issues and analysis

### Issue 1: Whether the application for voluntary liquidation of Central Railside Warehouse Company Limited …

**Ratio:** Section 59(7) of the Insolvency and Bankruptcy Code, 2016, allows for the voluntary

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

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**Interpretation:** Section 59(7) provides a mechanism for a solvent company to voluntarily

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**Application:** In this case, the Applicant Company met the conditions for voluntary

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## Parties

- **Judges:** MANNI SANKARIAH…; Sanjeev R…
- **Respondents:** Central Railside…; Registrar of…

## Timeline

- **2007-07-10 — Incorporation o…**: Central Railside Warehouse…
- **2022-10-28 — Business Transfer…**: The Corporate Person entered into a Business Transfer Agreement with Central Warehousing…

## 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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