# In the matter of Grewal Estates Private Limited CP (IB) No.01-Vol.-Chd-Chd-2020

> NCLT judgment dated 2022-01-31. Citation: TCN-2022-NCLT-04317. The case pertains to a company petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 31 Jan 2022
- **Citation:** TCN-2022-NCLT-04317
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/grewal-estates-private-limited-cp-ib-no01-vol-chd-chd-2020-6084b6e1

## Summary

### Background

The case pertains to a company petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. Grewal Estates Private Limited, the corporate person, initiated voluntary liquidation through its liquidator. The company, incorporated on 01.11.1976, decided to close its business operations due to inactivity for many years. The Board of Directors passed a resolution for voluntary liquidation, declaring solvency and appointing a liquidator. The shareholders approved the liquidation in an Extra Ordinary General Meeting (EOGM). The liquidator made public announcements inviting claims from stakeholders and prepared lists of stakeholders based on received

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## Facts

Grewal Estates Private Limited, incorporated on 01.11.1976, decided to undergo voluntary liquidation due to ceasing business operations for several years. The company's registered office is located in Chandigarh. The Board of Directors approved the voluntary liquidation, declared solvency, and appointed a liquidator. A declaration of solvency was made on 09.02.2019. The shareholders passed a special resolution in an EOGM on 18.02.2019 to liquidate the company and appoint Mr. Mast Ram as the liquidator. The liquidator made public announcements on 21.02.2019, inviting claims from stakeholders, with a deadline of 20.03.2019. The liquidator prepared lists of stakeholders, settled claims, and distributed assets. A final report was prepared on 25.02.2020 and submitted to the

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## Issues and analysis

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

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

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**Reasoning:** The court considered the records presented, which indicated that the company had followed

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**Interpretation:** Section 59 and the associated regulations are interpreted to ensure that the

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**Application:** In this case, the court found that Grewal Estates Private Limited had complied

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Respondents:** Grewal Estates…

## Timeline

- **1976-11-01 — Company Incor…**: Grewal Estates Private…
- **2019-02-09 — Declaration of…**: The Board of Directors made…

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