# In the matter of Gangotri Management Private Limited

> NCLT judgment dated 2023-10-31. Citation: TCN-2023-NCLT-00954. The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 31 Oct 2023
- **Citation:** TCN-2023-NCLT-00954
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gangotri-management-private-limited-3fa1df58

## Summary

### Background

The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, for the dissolution of Gangotri Management Private Limited. The company initiated voluntary liquidation, and Mr. Parveen Kaushik was appointed as the liquidator. The company's registered office is located in New Delhi. The company is involved in legal, accounting, book-keeping, auditing activities, tax consultancy, market research, public opinion polling, business and management consultancy.

## Facts

Gangotri Management Private Limited initiated voluntary liquidation under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. Mr. Parveen Kaushik was appointed as the liquidator. The company's registered office is in New Delhi. The company's activities include legal, accounting, book-keeping, and auditing. A special resolution was passed by the members approving the voluntary liquidation. The company notified the RoC and published a public announcement. The directors declared that the company was not being liquidated to defraud anyone and that they had made a full inquiry into the company's affairs. The liquidator prepared a preliminary report, opened a bank account, and notified the Income Tax Department. No claims were received from stakeholders. The

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Gangotri Management Private Limited was conducted in …

**Ratio:** Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read with the Voluntary

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**Reasoning:** The court examined the steps taken by the liquidator, including notifying the RoC,

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**Interpretation:** The legal issue concerns the proper adherence to the procedural requirements

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**Application:** The court applied the ratio by verifying that the liquidator had complied with

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Respondents:** Gangotri Managemen…; Registrar of…

## Timeline

- **2005-10-25 — Incorporation of Divya Jyoti Investments…**: M/s Divya Jyoti Investments Private Limited was incorporated under the Companies Act,…
- **2023-01-03 — Special Resolution for…**: Members of the Company passed a special resolution under Section 59 of the IBC approving…

## 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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