# In the matter of Portman Advisory Private Limited

> NCLT judgment dated 2024-08-07. Citation: TCN-2024-NCLT-00859. The case pertains to a Company Petition filed under Section 59(7) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 7 Aug 2024
- **Citation:** TCN-2024-NCLT-00859
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/portman-advisory-private-limited-4176aff3

## Summary

### Background

The case pertains to a Company Petition filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 (IBC), for the voluntary liquidation of Portman Advisory Private Limited. The petition was initiated by the Corporate Person, Portman Advisors Private Limited, through its liquidator, Mr. Dilipkumar Natvarlal Jagad, an Insolvency Professional. The company sought dissolution following the conclusion of its voluntary liquidation process under the IBC, 2016. The company was originally incorporated as 'Portman Real Estate India Private Limited' in 2008 and later changed its name to 'Portman Advisory Private Limited' in 2013. The company belongs to Portman Group, USA, which decided to exit its business activities in India, leading to the voluntary liquidation.

## Facts

Portman Advisory Private Limited filed a petition under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, for voluntary liquidation. The company was originally incorporated as 'Portman Real Estate India Private Limited' on April 18, 2008, and later changed its name on March 12, 2013. The company's authorized share capital was Rs. 2,10,00,000, and the paid-up share capital was Rs. 1,60,09,420. The company had three directors: Mr. Ambrish Kumar Baisiwala, Mr. Ankit Kothari, and Mr. John Calvin Portman IV. The company belonged to Portman Group, USA, which decided to exit its business activities in India. The Board of Directors decided to liquidate the company voluntarily on February 9, 2023, and the shareholders approved this decision on February 22, 2023,

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## Issues and analysis

### Issue 1: Whether the Company Petition filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, provides the framework for

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**Reasoning:** The court examined the submissions made by the liquidator and the company, along with the

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**Interpretation:** Section 59(7) allows a corporate person to initiate voluntary liquidation

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**Application:** In this case, the court found that Portman Advisory Private Limited had met all

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Respondents:** Portman Advisory…

## Timeline

- **2008-04-18 — Company Incor…**: Portman Real Estate India…
- **2013-03-12 — Name Cha…**: The company's name was changed to…

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