# In the matter of Newcrest India Private Limited CP (IB) 991-MB-C-I-2022

> NCLT judgment dated 2023-01-06. Citation: TCN-2023-NCLT-05165. The case pertains to a Company Petition filed under section 59(7) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 6 Jan 2023
- **Citation:** TCN-2023-NCLT-05165
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/newcrest-india-private-limited-cp-ib-991-mb-c-i-2022-2ed9b490

## Summary

### Background

The case pertains to a Company Petition filed under section 59(7) of the Insolvency and Bankruptcy Code, 2016, for the voluntary liquidation of Newcrest India Private Limited. The company, incorporated on 17.06.2019, was a wholly-owned subsidiary of Newcrest India Services LLP but did not commence business operations due to the pandemic and economic slowdown. The Board of Directors decided to wind up the company voluntarily. The members passed a special resolution for voluntary liquidation, and a liquidator was appointed. The company declared solvency, and public announcements were made to invite claims from stakeholders.

## Facts

Newcrest India Private Limited, CIN: U72900PN2019PTC184843, was incorporated on 17.06.2019 as a wholly-owned subsidiary of Newcrest India Services LLP. The company's registered office is located at Aishwarya Sankul, S. No. 17 Plot No. 3, 4, Kothrud Pune, MH 411038. The company's main objects included providing information technology solutions and consultancy services. The authorized share capital was ₹1,00,00,000/-, divided into 10,00,000 equity shares of ₹10/- each, with an issued, subscribed, and paid-up share capital of ₹30,00,000/-. Due to the pandemic and economic slowdown, the company did not initiate business operations. The Board of Directors decided to wind up the company voluntarily under section 59(3) of the Insolvency and Bankruptcy Code, 2016. The members

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## Issues and analysis

### Issue 1: Whether the affairs of the Petitioner/Corporate Person have been completely wound up and its assets …

**Ratio:** Section 59(7) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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**Reasoning:** The NCLT examined the submissions made by the counsel and the documents annexed to the

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**Interpretation:** This provision ensures that a corporate entity can be formally dissolved after

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**Application:** In this case, the liquidator's report and the annexed documents demonstrated

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## Parties

- **Judges:** P.N. Deshmukh…; Shyam Babu…
- **Respondents:** NEWCREST INDIA…

## Timeline

- **2019-06-17 — Incorporation o…**: Newcrest India Private Limited was…
- **2022-05-12 — Resolution to…**: The Petitioner/Corporate Person resolved to liquidate voluntarily under section 59 of the…

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