# In the matter of Shree Hanuman Realcon Private Limited CP(IB)-280(KB)2022

> NCLT judgment dated 2023-04-17. Citation: TCN-2023-NCLT-03793. The case pertains to an application filed under section 59(7) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 17 Apr 2023
- **Citation:** TCN-2023-NCLT-03793
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-hanuman-realcon-private-limited-cpib-280kb2022-5066ca45

## Summary

### Background

The case pertains to an application filed under section 59(7) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 38(3) of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, for the dissolution of Shree Hanuman Realcon Private Limited, which was undergoing voluntary liquidation. The corporate person, through its directors, had filed a Declaration of Solvency with the Registrar of Companies, along with a valuation report and audited financial statements. The Board of Directors had passed a resolution to call an Extra Ordinary General Meeting (EOGM) for stakeholders' approval and to pass a special resolution for the voluntary liquidation and appointment of a liquidator.

## Facts

Shree Hanuman Realcon Private Limited (CIN: U45208WB2008PTC123686) initiated voluntary liquidation. The company filed a Declaration of Solvency with the Registrar of Companies on 2022-01-05, along with a valuation report and audited financial statements for the financial years ending March 31, 2020, and March 31, 2021. The Board of Directors resolved to call an Extra Ordinary General Meeting (EOGM) on 2022-01-06. A special resolution for voluntary liquidation was passed at the EOGM on 2022-01-31. Mr. Santanu Bhattacharjee (Registration No. IBBI/IPA-001/IP-P01141/2018-2019/11868) was appointed as the liquidator. Public announcements were made in 'Financial Express' and 'Ek Din' newspapers on 2022-02-01, inviting claims from creditors with a submission deadline of

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## Issues and analysis

### Issue 1: Whether the application under section 59(7) of the Insolvency and Bankruptcy Code, 2016 for …

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

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**Reasoning:** The court considered the application filed by the liquidator under section 59(7) of the

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**Interpretation:** Section 59(7) provides the legal basis for seeking dissolution of a corporate

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**Application:** The application was deemed maintainable as it was filed after the completion of

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## Parties

- **Judges:** Smt Bidisha…; Balraj…
- **Respondents:** SHREE HANUMAN…
- **Advocates:** Saurav…

## Timeline

- **2022-01-05 — Declaration of…**: The Corporate Person filed a Declaration of…
- **2022-01-06 — Board Reso…**: The Board of Directors took a resolution to call…

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