# In the matter of Gammanet Solutions Private Limited

> NCLT judgment dated 2025-02-13. Citation: TCN-2025-NCLT-00497. The case pertains to the voluntary liquidation of M/s. Gammanet Solutions Private Limited under…

- **Court:** NCLT
- **Order date:** 13 Feb 2025
- **Citation:** TCN-2025-NCLT-00497
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gammanet-solutions-private-limited-9743d768

## Summary

### Background

The case pertains to the voluntary liquidation of M/s. Gammanet Solutions Private Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016, read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. The company, incorporated on 2019-01-09, sought dissolution through its liquidator, Mr. Arun Gupta. The company's board of directors passed a resolution for voluntary liquidation on 2022-11-30, which was subsequently approved by the members in an Extra Ordinary General Meeting on 2022-12-02. The liquidator took steps to comply with the regulations, including making public announcements, intimating relevant authorities, and opening a bank account for the liquidation process.

## Facts

M/s. Gammanet Solutions Private Limited, with CIN: U72900DL2019FTC344107, sought voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 2019-01-09, with its registered office in East Delhi. The company's object was to carry on the business of software designing, development, and related activities. The Board of Directors passed a resolution for voluntary liquidation on 2022-11-30, and the members approved it on 2022-12-02. Mr. Arun Gupta was appointed as the liquidator. The liquidator made public announcements, intimated authorities, and opened a bank account. The last date for receipt of claims was 2023-01-01. The liquidator distributed funds to stakeholders, including creditors and shareholders, as per

…

## Issues and analysis

### Issue 1: Whether the present Application CP (IB)-354(ND)/2024 should be allowed and disposed of, leading to …

**Ratio:** Section 59(8) of the Insolvency and Bankruptcy Code, 2016, confers the Adjudicating

…

**Reasoning:** The Adjudicating Authority considered the submissions made by the applicant company,

…

**Interpretation:** Section 59(8) provides the legal basis for the Adjudicating Authority to

…

**Application:** Based on the facts presented, the Adjudicating Authority was satisfied that the

…

## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Appellants:** M/s. Gammanet…
- **Respondents:** Gammanet Solutions…

## Timeline

- **2019-01-09 — Company Incor…**: Gammanet Solutions Private…
- **2022-11-30 — Board Resolution for…**: The Board of Directors passed a resolution…

## Legal provisions

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

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gammanet-solutions-private-limited-9743d768