# In the matter of Green World Projects Private Limited

> NCLT judgment dated 2024-10-08. Citation: TCN-2024-NCLT-00458. The case pertains to a Company Petition filed by the Liquidator for the voluntary liquidation…

- **Court:** NCLT
- **Order date:** 8 Oct 2024
- **Citation:** TCN-2024-NCLT-00458
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/green-world-projects-private-limited-9933fadd

## Summary

### Background

The case pertains to a Company Petition filed by the Liquidator for the voluntary liquidation of M/s. Green World Projects Private Limited, an unlisted private company limited by shares, under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking dissolution of the company. The company was originally incorporated on 05.06.1991 and stopped its commercial business on 25.11.2022. The authorized share capital of the company is Rs.5,00,00,000/- divided into 5,00,000 shares of Rs.100/- each, and the issued paid-up capital is Rs.4,17,00,000/- divided into 4,17,000 equity shares of Rs.100/- each. The company has three shareholders as of 25.11.2022.

## Facts

M/s. Green World Projects Private Limited, an unlisted private company, underwent voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 05.06.1991 with the objective of acting as consultants and project developers but stopped commercial operations on 25.11.2022. The authorized share capital was Rs.5,00,00,000, divided into 5,00,000 shares of Rs.100 each, with an issued and paid-up capital of Rs.4,17,00,000 divided into 4,17,000 equity shares of Rs.100 each. As of 25.11.2022, the company had three shareholders: Mini Susan Joy (99.99%), Dr. P K Joy (0.0005%), and Julaitha Christy (0.0005%). A board meeting was held on 09.11.2022 to consider winding up the company, and an Extraordinary General Meeting on

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of M/s. Green World Projects Private Limited was …

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

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**Reasoning:** The court examined the compliances performed by the petitioner, including the submission

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**Interpretation:** Section 59 and the related regulations are interpreted to ensure transparency

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**Application:** The court found that the petitioner had performed the tasks and compliances as

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** Mohanlal…
- **Respondents:** M/S. GREEN WORLD…

## Timeline

- **1991-06-05 — Company Incor…**: M/s. Green World Projects Private…
- **2022-11-09 — Board Me…**: A Board meeting was held to consider the winding up of the company through voluntary…

## 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)

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