# In the matter of King’s Worldwide India Centre Private Limited

> NCLT judgment dated 2025-05-07. Citation: TCN-2025-NCLT-00109. The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 7 May 2025
- **Citation:** TCN-2025-NCLT-00109
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kings-worldwide-india-centre-private-limited-a21d9c5a

## Summary

### Background

The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, for the voluntary liquidation of King's Worldwide India Centre Private Limited. The company, incorporated as a non-profit entity, sought dissolution due to a lack of business prospects and long-term financial resources. The Board of Directors passed a resolution on 28.11.2022 to wind up the company's affairs. The liquidator, Ranjeet Kumar Verma, was appointed, and a public announcement was made. The company had no assets or liabilities, and the directors filed affidavits declaring solvency. The Income Tax Department and the Registrar of Companies (RoC) had no objections to the liquidation.

## Facts

King's Worldwide India Centre Private Limited, a company limited by guarantee and incorporated as a non-profit company under Section 8 of the Companies Act, 2013, filed an application for voluntary liquidation under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company's registered office is located in South Delhi. The Board of Directors passed a resolution on 28.11.2022 to wind up the company due to a lack of business prospects and long-term financial resources. Ranjeet Kumar Verma was appointed as the liquidator. A public announcement of the commencement of liquidation was made on 31.12.2022. The directors filed affidavits declaring the company's solvency. The company had no assets or liabilities. The Income Tax Department and the Registrar of

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## Issues and analysis

### Issue 1: Whether the requirements of Section 59 of the Insolvency and Bankruptcy Code, 2016, for voluntary …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, outlines the conditions for

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**Reasoning:** The NCLT found that the Corporate Debtor could discharge its liability, and its affairs

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**Interpretation:** Section 59 of the IBC allows a solvent corporate person to initiate voluntary

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**Application:** The NCLT applied Section 59 to the facts of the case, noting that the company

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## Parties

- **Judges:** Sh. Ashok Kumar…; RAVINDRA CHATURVED…
- **Respondents:** King's Worldwide…

## Timeline

- **2015-02-25 — Company Incor…**: King's Worldwide India Centre Private Limited was incorporated as a non-profit company…
- **2022-11-28 — Board Reso…**: The Board of Directors passed a…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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