# in the matter of Fatheypori Gardens Private Limited

> NCLT judgment dated 2023-07-27. Citation: TCN-2023-NCLT-02305. The case pertains to the liquidation of M/s. Fatheypori Gardens Private Limited under the…

- **Court:** NCLT
- **Order date:** 27 Jul 2023
- **Citation:** TCN-2023-NCLT-02305
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/fatheypori-gardens-private-limited-1cef4f99

## Summary

### Background

The case pertains to the liquidation of M/s. Fatheypori Gardens Private Limited under the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) following an application by a Financial Creditor. Subsequently, the Tribunal ordered the liquidation of the Corporate Debtor and appointed a Liquidator. The Liquidator made public announcements, invited claims from stakeholders, and conducted e-auctions to sell the Corporate Debtor's immovable property. The financial creditors relinquished their security interest over the secured property.

## Facts

On 2018-10-05, the Corporate Debtor, M/s. Fatheypori Gardens Private Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) following an application by the Financial Creditor. Subsequently, on 2019-06-04, the Tribunal ordered the liquidation of the Corporate Debtor and appointed a Liquidator. The Liquidator made public announcements in newspapers, including "Trinity Mirror" and "Makkal Kural", inviting claims from stakeholders with a deadline of 2019-07-04. The Liquidator submitted a Preliminary Report along with Asset Memorandum on 2019-08-14. The Liquidator opened a bank account in the name of "Fatheypori Gardens Private Limited - In Liquidation" on 2019-11-13. The Corporate Debtor had an immovable property consisting

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## Issues and analysis

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

**Ratio:** Section 59(8) of the IBC, 2016, empowers the Tribunal to order the dissolution of a

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**Reasoning:** The Tribunal examined the submissions made by the Learned Counsel for the Applicant and

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**Interpretation:** This section allows the NCLT to dissolve a company after the liquidation

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**Application:** The Tribunal applied Section 59(8) of the IBC, 2016, after determining that the

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## Parties

- **Judges:** SANJIV…; Satya Ranjan…
- **Respondents:** M/s. FATHEYPORI…

## Timeline

- **2018-10-05 — Admission in…**: The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP)…
- **2019-06-04 — Liquidation…**: The Tribunal ordered the liquidation of the…

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