# In the matter of Rusi & Zarin Gimi Family Holding Private Limited CP (IB) No.55-KB-2021

> NCLT judgment dated 2022-04-21. Citation: TCN-2022-NCLT-03159. The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 21 Apr 2022
- **Citation:** TCN-2022-NCLT-03159
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rusi-zarin-gimi-family-holding-private-limited-cp-ib-no55-kb-2021-3624fda0

## Summary

### Background

The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, for the voluntary liquidation of Rusi & Zarin Gimi Family Holdings Private Limited. The company was incorporated in 1998 as a family holding company. The company's board of directors resolved to close the company via voluntary liquidation. A declaration of solvency was made by the directors. A special resolution was passed to liquidate the company voluntarily, and a liquidator was appointed. Public announcement was made for the commencement of liquidation.

## Facts

Rusi & Zarin Gimi Family Holdings Private Limited (CIN: U51109WB1998PTC087267) initiated voluntary liquidation proceedings under Section 59 of the Insolvency & Bankruptcy Code, 2016. The company was incorporated on June 4, 1998, as a family holding company. The company's board of directors resolved on August 18, 2020, to close the company via voluntary liquidation. Numazar Dorab Mehta and Rustom Erach Daroga, being the majority of the Directors, made a declaration of solvency on August 19, 2020. A special resolution was passed on August 25, 2020, to liquidate the company voluntarily, and Mr. Ritesh Prakash Adatiya was appointed as the liquidator. The liquidator made a public announcement on August 27, 2020. The company had an outstanding debt of INR 35,000 as

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Rusi & Zarin Gimi Family Holdings Private Limited …

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

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**Reasoning:** The court examined the various steps taken by the company and the liquidator, including

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**Interpretation:** Section 59 provides a framework for voluntary liquidation, emphasizing

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**Application:** The court found that the company and the liquidator had substantially complied

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Respondents:** Rusi & Zarin Gimi…

## Timeline

- **1998-06-04 — Incorporation of the…**: Rusi & Zarin Gimi Family Holdings Private Limited was incorporated as a Family Holding…
- **2020-08-18 — Board of Directors…**: The Board of Directors considered the matter and proposed to close down the company by…

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