# In the matter of NRTU Foundation

> NCLT judgment dated 2025-05-06. Citation: TCN-2025-NCLT-00115. The application was filed by the liquidator, Mr. Deepak Kumar Goyal, on behalf of NRTU…

- **Court:** NCLT
- **Order date:** 6 May 2025
- **Citation:** TCN-2025-NCLT-00115
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nrtu-foundation-44e9c12b

## Summary

### Background

The application was filed by the liquidator, Mr. Deepak Kumar Goyal, on behalf of NRTU Foundation, under Section 59 of the Insolvency & Bankruptcy Code, 2016, seeking the dissolution of the Corporate Applicant (NRTU Foundation) which was undergoing voluntary liquidation. NRTU Foundation was involved in promoting education, research, and development. Due to the conversion of National Rail and Transportation Institute into Gati Shakti Vishwavidyalaya, NRTU Foundation had no remaining business and was to be dissolved.

## Facts

NRTU Foundation, incorporated on 2018-05-04, was involved in education, research, and development. Its authorized share capital was Rs. 10,00,00,000/-, and the paid-up share capital was Rs. 1,00,00,000/-. Following a Gazette Notification regarding the conversion of the National Rail and Transportation Institute into Gati Shakti Vishwavidyalaya, NRTU Foundation had no remaining business. A special resolution for voluntary winding up was passed in an Extra Ordinary General Meeting (EGM) held on 2024-01-17, and Mr. Deepak Kumar Goyal was appointed as the liquidator. Public announcements were made in newspapers on 2024-01-20, inviting claims from stakeholders. The liquidator intimated the commencement of the voluntary liquidation process to the Income Tax Department. No

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## Issues and analysis

### Issue 1: Whether the present application for dissolution of the Corporate Applicant (NRTU Foundation) under …

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

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**Reasoning:** The Adjudicating Authority considered the submissions made by the liquidator, the

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**Interpretation:** Section 59(7) provides the legal basis for dissolving a corporate entity that

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**Application:** Given that the liquidator complied with all requirements under Section 59 and

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## Parties

- **Judges:** BACHU VENKAT…; Sanjeev R…
- **Respondents:** NRTU Foun…
- **Advocates:** Abhay Ka…; Himani B…

## Timeline

- **2018-05-04 — Incorporation of NRTU…**: NRTU Foundation was incorporated under the…
- **2022-08-17 — Gazette Notif…**: Gazette Notification no.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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