# In the matter of Twenty One Net (India) Private Limited C.P.(IB) 648-MB-2022

> NCLT judgment dated 2023-05-19. Citation: TCN-2023-NCLT-03255. The case pertains to a Company Petition filed under Section 59(7) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 19 May 2023
- **Citation:** TCN-2023-NCLT-03255
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/twenty-one-net-india-private-limited-cpib-648-mb-2022-95fae398

## Summary

### Background

The case pertains to a Company Petition filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, by Twenty One Net (India) Private Limited for voluntary liquidation and dissolution. The company proposed to voluntarily wind up under Section 59 of the Code. The Board of Directors passed a resolution on 14.08.2020 to liquidate the company voluntarily and appointed Mr. Shankar Viswanathan as the liquidator. The Board affirmed the company's solvency and its ability to pay off debts. A declaration of solvency was filed with the Registrar of Companies. The members passed a special resolution on 17.08.2020, consenting to the liquidation and approving the liquidator's appointment. The liquidator made a public announcement on 19.08.2020 regarding the liquidation.

## Facts

Twenty One Net (India) Private Limited (CIN: U32109MH2009PTC194474) initiated a voluntary liquidation process under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company's Board of Directors resolved to liquidate the company on 14.08.2020, appointing Mr. Shankar Viswanathan as the liquidator. The company declared its solvency and ability to pay off debts. A special resolution was passed by the members on 17.08.2020, consenting to the liquidation and approving the liquidator's appointment. The liquidator made a public announcement on 19.08.2020. The liquidator notified the Registrar of Companies on 23.08.2020 and submitted a preliminary report on 30.09.2020. A bank account was opened on 20.04.2021 for the liquidation process. Annual Contributors Meeting

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## Issues and analysis

### Issue 1: Whether the Corporate Person, Twenty One Net (India) Private Limited, should be dissolved under …

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

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**Reasoning:** The court reasoned that the Liquidator had followed the procedure prescribed under

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**Interpretation:** Section 59 of the IBC provides a mechanism for a solvent corporate entity to

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**Application:** The court applied the ratio to the facts of the case, noting that the Corporate

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## Parties

- **Judges:** Kuldip Kumar…; ANURADHA SANJAY…
- **Respondents:** Twenty One Net…

## Timeline

- **2009-06-30 — Incorporation of…**: The Corporate Person, Twenty One Net…
- **2020-08-14 — Board Resolution for…**: The Board of Directors of the Corporate Person passed a resolution to liquidate the…

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