# In the matter of MRB Builders Private Limited

> NCLT judgment dated 2023-11-24. Citation: TCN-2023-NCLT-00565. The case pertains to a Company Petition filed by the Liquidator, Mr. Kashyap A. Shah, for the…

- **Court:** NCLT
- **Order date:** 24 Nov 2023
- **Citation:** TCN-2023-NCLT-00565
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mrb-builders-private-limited-09e384db

## Summary

### Background

The case pertains to a Company Petition filed by the Liquidator, Mr. Kashyap A. Shah, for the voluntary liquidation of MRB BUILDERS PRIVATE LIMITED under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 06.05.1983 and decided to voluntarily liquidate its affairs due to discontinued operations. A board meeting was held on 05.02.2022 to consider winding up and voluntary liquidation. An Extraordinary General Meeting was conducted on 07.02.2022, where a special resolution was passed to appoint the Applicant as liquidator.

## Facts

MRB BUILDERS PRIVATE LIMITED, with CIN: U45201GJ1983PTC006158, underwent voluntary liquidation under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company's board of directors decided on 05.02.2022 to voluntarily liquidate due to discontinued operations. An Extraordinary General Meeting on 07.02.2022 appointed Kashyap A. Shah as the liquidator. The liquidator conducted the voluntary liquidation process as per IBBI regulations. A claim of Rs. 1,27,070/- was received from the Income Tax Department and discharged on 22-03-2022. After making liquidation payments, the liquidator distributed funds to shareholders, with INR 90.2201 per share distributed to shareholders holding 2,45,000 fully paid-up equity shares. The company had no fixed assets except cash.

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of MRB BUILDERS PRIVATE LIMITED was conducted in …

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

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**Reasoning:** The court examined the submissions made by the Applicant regarding compliance with

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**Interpretation:** Section 59 of the IBC, 2016, and the IBBI (Voluntary Liquidation Process)

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**Application:** The court applied the ratio to the facts of the case by examining the specific

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## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Appellants:** Kashyap A Shah…
- **Respondents:** MRB BUILDERS…

## Timeline

- **1983-05-06 — Company Incor…**: MRB Builders Private…
- **2022-02-05 — Board Me…**: Board of Directors decided to…

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