# In the matter of Fekari Infrastructure Private Limited

> NCLT judgment dated 2024-08-28. Citation: TCN-2024-NCLT-00741. The case pertains to a Company Petition filed under Section 59(7) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 28 Aug 2024
- **Citation:** TCN-2024-NCLT-00741
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/fekari-infrastructure-private-limited-aec06fee

## Summary

### Background

The case pertains to a Company Petition filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, by Fekari Infrastructure Private Limited through its liquidator, Mr. Raghunath Bhandari, for dissolution via voluntary liquidation. The company sought to wind up voluntarily under Section 59 of the Code, having completed all necessary formalities and complied with liquidation procedures. The petition was filed for dissolution under Section 59(7) of the Code.

## Facts

Fekari Infrastructure Private Limited filed a Company Petition under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, for voluntary liquidation. The company was incorporated on 2006-08-05. Its main objective was to construct, manage, and operate a railway Over Bridge project. The company had no significant business operations or future projects. The Board of Directors decided to voluntarily liquidate the company as they believed it could pay off its debts in full from its assets. The directors, Mr. Suresh Kumar Agiwal and Mr. Satyajeet Surendra Raut, confirmed the company's solvency via affidavit. Mr. Raghunath Bhandari was appointed as the liquidator. The members passed a special resolution for voluntary liquidation on 2023-12-16. The liquidator made a

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## Issues and analysis

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

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

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**Reasoning:** The court reasoned that the liquidator had submitted a final report stating that the

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**Interpretation:** Section 59(7) of the Code is interpreted to mean that a corporate entity can be

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**Application:** In this case, the court applied the ratio and reasoning to the specific facts

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Respondents:** Fekari Infrastruct…

## Timeline

- **2006-08-05 — Company Incor…**: Fekari Infrastructure Private…
- **2023-12-14 — Board Me…**: The Board of Directors appointed Mr.…

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