# In the matter of Chellsea India Private Limited

> NCLT judgment dated 2025-03-25. Citation: TCN-2025-NCLT-00311. The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 25 Mar 2025
- **Citation:** TCN-2025-NCLT-00311
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/chellsea-india-private-limited-7530b93e

## Summary

### Background

The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 (IBC) read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, for the voluntary liquidation of Chellsea India Private Limited. The Corporate Person was incorporated on 27.05.2016 under the Companies Act, 2013. The Board of Directors decided to discontinue business operations due to difficulties in running the business and market instability. A resolution was passed on 16.12.2019 to voluntarily liquidate the Corporate Person. The directors signed a declaration of solvency, and a special resolution was passed on 27.12.2019 to liquidate the company voluntarily, appointing Mr. Sandeep Singhal as the liquidator. Public

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## Facts

Chellsea India Private Limited (CIN: U74999MH2016FTC281717) was incorporated on 27.05.2016 under the Companies Act, 2013, with its registered office in Navi Mumbai. The company's authorized share capital was Rs.1,00,000. The main objects of the company included operating steamships and providing shipping and air transport services. Due to difficulties in running the business and market instability, the Board of Directors decided to discontinue business operations. The company filed its balance sheet till 2019. On 16.12.2019, the Board passed a resolution to voluntarily liquidate the company. Mr. Sonoo Sobhraj Meghani and Mr. Rajiv Biswas, directors of the company, signed a declaration of solvency. On 27.12.2019, a special resolution was passed to liquidate the company

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## Issues and analysis

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

**Ratio:** Section 59 of the IBC and the Voluntary Liquidation Process Regulations outline the

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**Reasoning:** The NCLT considered the liquidator's submissions, the audited financial statements, and

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**Interpretation:** Section 59 of the IBC allows a corporate person to initiate voluntary

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**Application:** In this case, the liquidator had made public announcements, submitted

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## Parties

- **Judges:** ANIL RAJ C…; K. R. SAJI…
- **Respondents:** Chellsea India…
- **Advocates:** Haris A…; Ajinkya Ku…

## Timeline

- **2016-05-27 — Incorporation of…**: Chellsea India Private Limited was…
- **2019-12-16 — Board Resolution for…**: The Board of Directors passed a resolution to…

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