# In the matter of Shree Cement Foundation

> NCLT judgment dated 2025-04-17. Citation: TCN-2025-NCLT-00208. The present petition was preferred by M/s Shree Cement Foundation through its liquidator, Mr.…

- **Court:** NCLT
- **Order date:** 17 Apr 2025
- **Citation:** TCN-2025-NCLT-00208
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-cement-foundation-7d9bfb37

## Summary

### Background

The present petition was preferred by M/s Shree Cement Foundation through its liquidator, Mr. Mahendra Prakash Khandelwal, seeking dissolution under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated as a non-profit entity and was granted a license under Section 8 of the Companies Act, 2013. The company's objective is to promote social and economic welfare. The directors filed affidavits stating the company had no debt/liability and was not being liquidated to defraud any person. An Extraordinary General Meeting was held where members unanimously voted to liquidate the company voluntarily.

## Facts

M/s Shree Cement Foundation, a non-profit entity incorporated on 15.09.2020, initiated voluntary liquidation proceedings. The company's objective was to promote social and economic welfare. The directors, Mr. Sanjay Mehta, Mr. Narendra Kumar Singh, and Mr. Sunil Kumar Gupta, filed affidavits declaring the company's solvency. An Extraordinary General Meeting was held on 06.12.2024, where members unanimously voted for voluntary liquidation, appointing Mr. Mahendra Prakash Khandelwal as the liquidator. The liquidator submitted a preliminary report on 07.01.2025, stating the company had no assets or liabilities, and a final report on 08.01.2025. The company intimated the Registrar of Companies, IBBI, and the Income Tax Department about the liquidation proceedings.

…

## Issues and analysis

### Issue 1: Whether the necessary compliances under Section 59 of the Insolvency and Bankruptcy Code, 2016, and …

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

…

**Reasoning:** The court observed that the Corporate Person and the Liquidator had taken all necessary

…

**Interpretation:** Section 59 and the IBBI Regulations are interpreted to ensure a transparent and

…

**Application:** The court applied the provisions of Section 59 and the IBBI Regulations to the

…

## Parties

- **Judges:** Reeta K…; Kavita Bha…
- **Respondents:** SHREE CEMENT…

## Timeline

- **2020-09-15 — Company Incor…**: The Company was incorporated as a non-for-profit entity and was granted a license under…
- **2024-12-04 — Affidavits…**: Directors filed affidavits in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-cement-foundation-7d9bfb37