# In the atter of Bhuvanaa Fabric Agencies Private Limited

> NCLT judgment dated 2023-09-25. Citation: TCN-2023-NCLT-01494. The case pertains to the voluntary liquidation of M/s. Bhuvanaa Fabric Agencies Private Limited…

- **Court:** NCLT
- **Order date:** 25 Sept 2023
- **Citation:** TCN-2023-NCLT-01494
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/in-the-atter-of-bhuvanaa-fabric-agencies-private-limited-d5639321

## Summary

### Background

The case pertains to the voluntary liquidation of M/s. Bhuvanaa Fabric Agencies Private Limited under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on June 10, 1985, and ceased business activities in 2015. A resolution for voluntary liquidation was passed on February 5, 2022. The company had no creditors or liabilities and possessed a landed property. Shareholders approved the voluntary liquidation in an extraordinary general meeting on March 3, 2022, and appointed the applicant as the liquidator.

## Facts

M/s. Bhuvanaa Fabric Agencies Private Limited, with CIN: U171219TZ1985PTC001622, sought voluntary liquidation under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on June 10, 1985, with an authorized capital of Rs. 50,00,000 divided into 5,000 equity shares. The company ceased business activities in 2015. A Board of Directors meeting on February 5, 2022, passed a resolution for voluntary liquidation. An extraordinary general meeting on March 3, 2022, approved the liquidation and appointed the applicant as liquidator. The company had no creditors or liabilities and owned a landed property measuring 16304 sqft. The last date for claim submission was March 3, 2022, and no claims were received. The liquidator distributed the landed

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## Issues and analysis

### Issue 1: Whether the affairs of the Company …

**Ratio:** Section 59(8) of the IBC, 2016, confers powers to order the dissolution of a company when

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**Reasoning:** The court examined the submissions made by the Learned Counsel for the Applicant and

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**Interpretation:** The court interprets Section 59(8) to mean that if the company's affairs are

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**Application:** Based on the submissions and documents, the court found that the affairs of the

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** A.R.Ramasubramania…
- **Respondents:** Bhuvanaa Fabric…
- **Advocates:** V.Srini…

## Timeline

- **1985-06-10 — Company Incor…**: Bhuvanaa Fabric Agencies…
- **2015-01-01 — Business Activities…**: The company stopped its…

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