# In the matter of Ingrey Travel and Tourism (India) Private Limited C.P. (IB) 1250 (MB) of 2020

> NCLT judgment dated 2022-10-17. Citation: TCN-2022-NCLT-00714. The case pertains to a Company Petition filed by M/s Ingrey Travel and Tourism (India) Private…

- **Court:** NCLT
- **Order date:** 17 Oct 2022
- **Citation:** TCN-2022-NCLT-00714
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ingrey-travel-and-tourism-india-private-limited-cp-ib-1250-mb-of-2020-ab89cb4d

## Summary

### Background

The case pertains to a Company Petition filed by M/s Ingrey Travel and Tourism (India) Private Limited to initiate voluntary liquidation proceedings under Section 59 of the Insolvency and Bankruptcy Code, 2016 (IBC). The company was incorporated on 19.07.2010 with the object of carrying on the business of Tour and Travels Operators. The Board of Directors, in their meeting dated 24.01.2019, considered that the company was not in operation and, due to the non-availability of business prospects, it was not financially viable to continue. The members of the Company in their Extraordinary General Meeting held on 24.01.2019 passed a special resolution to liquidate the Company voluntarily and appointed Mr. Prakash K. Pandya as liquidator.

## Facts

M/s Ingrey Travel and Tourism (India) Private Limited filed a Company Petition to initiate voluntary liquidation proceedings under Section 59 of the IBC. The company was incorporated on 19.07.2010 to operate as a tour and travel agency. The authorized share capital was Rs. 75,00,000. The Board of Directors determined on 24.01.2019 that the company was not operational and lacked business prospects. An Extraordinary General Meeting on 24.01.2019 resulted in a special resolution to voluntarily liquidate the company, appointing Mr. Prakash K. Pandya as liquidator. A Declaration of Solvency was made on 25.01.2019. The liquidator acted according to the IBC and IBBI regulations, including public announcements. The liquidator submitted a preliminary report on 09.03.2019. The

…

## Issues and analysis

### Issue 1: Whether the voluntary liquidation process initiated by M/s Ingrey Travel and Tourism (India) …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, allows a corporate person to

…

**Reasoning:** The Tribunal considered the fact that the company had passed a special resolution to

…

**Interpretation:** Section 59 of the IBC provides a mechanism for companies that are solvent but

…

**Application:** In this case, the company had complied with the requirements of Section 59 of

…

## Parties

- **Judges:** H.V. Subb…; ANURADHA SANJAY…
- **Respondents:** M/s Ingrey Travel…

## Timeline

- **2010-07-19 — Company Incor…**: M/s Ingrey Travel and Tourism (India)…
- **2019-01-24 — Board Me…**: The Board of Directors considered that the Company was not in operation and due to…

---

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/ingrey-travel-and-tourism-india-private-limited-cp-ib-1250-mb-of-2020-ab89cb4d