# In the matter of Stamford Inn Restaurants and Hotels Private Limited

> NCLT judgment dated 2023-06-26. Citation: TCN-2023-NCLT-02788. The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 26 Jun 2023
- **Citation:** TCN-2023-NCLT-02788
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/stamford-inn-restaurants-and-hotels-private-limited-0d1c0788

## 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 Stamford Inn Restaurants and Hotaels Private Limited. The company was incorporated on 15.07.1988 under the Companies Act, 1956. The Board of Directors decided to liquidate the company due to the absence of significant business operations for more than 8 years. The company also executed a declaration of solvency and obtained a 'No Creditors' certificate. The members passed a special resolution to liquidate the company voluntarily and appointed Mr. Hemanshu L. Kapadia as the liquidator.

## Facts

Stamford Inn Restaurants and Hotaels Private Limited, with CIN: U99999MH1988PTC184920, filed a petition for voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 15.07.1988. The company's authorized, issued, subscribed, and paid-up share capital was ₹5,00,000. The company had not been carrying out any significant business activities for more than 8 years, leading to a drastic reduction in sales and a lack of profit. The Board of Directors, in a meeting held on 24.04.2021, decided to liquidate the company. A declaration of solvency was executed on 24.04.2021, stating that there were no debts or creditors. The members of the company passed a special resolution on 24.04.2021 to liquidate the company voluntarily

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Stamford Inn Restaurants and Hotaels Private Limited …

**Ratio:** The ratio is based on the compliance with Section 59 of the Insolvency and Bankruptcy

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**Reasoning:** The court reasoned that the company had followed the required procedures, including

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**Interpretation:** Section 59 of the IBC allows a corporate person to initiate voluntary

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**Application:** The court applied the ratio to the facts by examining the documents and

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## Parties

- **Judges:** Anu Jagmoha…; H.V. Subb…
- **Respondents:** STAMFORD INN…

## Timeline

- **1988-07-15 — Incorpor…**: The Petitioner/Corporate Person was…
- **2021-04-24 — Board Me…**: The Board of Directors considered the current affairs of the company and decided to…

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