# In the matter of Trask Infrastructure Private Limited

> NCLT judgment dated 2024-02-27. Citation: TCN-2024-NCLT-02357. The application was filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, by…

- **Court:** NCLT
- **Order date:** 27 Feb 2024
- **Citation:** TCN-2024-NCLT-02357
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/trask-infrastructure-private-limited-9f7b7c9b

## Summary

### Background

The application was filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, by Liquidator Ms. Sudha P. Navandar, seeking the dissolution of Trask Infrastructure Private Limited. The company, incorporated on 12.06.2007 under the Companies Act, 1956, had discontinued its business operations. The directors, Raju Veerabathini and Rajnish Jana, declared the company solvent on 28.09.2017. Shareholders approved voluntary liquidation in an Extra Ordinary General Meeting on 04.10.2017, appointing Sudha Navandar as Liquidator. The liquidator published notifications in newspapers and intimated the IBBI regarding the Special Resolution.

## Facts

Trask Infrastructure Private Limited, incorporated on 12.06.2007, filed an application under Section 59 of the Insolvency and Bankruptcy Code, 2016, for voluntary liquidation. The company had discontinued its business operations and had no plans to revive them. The directors, Raju Veerabathini and Rajnish Jana, declared the company solvent on 28.09.2017. Shareholders approved voluntary liquidation on 04.10.2017, appointing Sudha Navandar as Liquidator. The liquidator published notifications in newspapers and intimated the IBBI. The liquidator filed preliminary and final reports, Form H Compliance Certificate, and financial statements. The company's bank account was closed with a NIL balance. The liquidator submitted a final report to the Registrar of Companies, Mumbai,

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## Issues and analysis

### Issue 1: Whether the application for voluntary liquidation under Section 59 of the Insolvency and Bankruptcy …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, allows for voluntary liquidation

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**Reasoning:** The court considered the liquidator's application, the affidavit submitted, and the

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**Interpretation:** Section 59 provides a mechanism for a solvent company to voluntarily liquidate

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**Application:** The court applied Section 59 to the facts of the case, finding that the company

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Appellants:** Trask Infrastructu…
- **Respondents:** Trask Infrastructu…

## Timeline

- **2007-06-12 — Company Incor…**: Trask Infrastructure Private Limited was…
- **2017-09-28 — Declaration of…**: Directors Raju Veerabathini and Rajnish…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59 — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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