# In the matter of Welspun Natural Resources Private Limited

> NCLT judgment dated 2024-02-12. Citation: TCN-2024-NCLT-02635. The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 12 Feb 2024
- **Citation:** TCN-2024-NCLT-02635
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/welspun-natural-resources-private-limited-5bce4a4b

## Summary

### Background

The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 (IBC) for the dissolution of Welspun Natural Resources Private Limited, a corporate entity undergoing voluntary liquidation. The company, incorporated in 2006, initiated voluntary liquidation due to the absence of significant business operations. The process involved declarations of solvency by the directors, appointment of a liquidator, and distribution of assets to stakeholders, primarily Welspun Enterprises Limited (WEL). The liquidator followed the procedures outlined in the IBC and related regulations, including public announcements, submission of reports, and closure of bank accounts.

## Facts

Welspun Natural Resources Private Limited (CIN: U11201GJ2006PTC064142) initiated voluntary liquidation under Section 59 of the IBC due to the absence of significant business operations. The company was originally incorporated on 07.09.2006. The Board of Directors decided to liquidate the company, and a declaration of solvency was made on 18.01.2023. Mr. Dilipkumar Natvarlal Jagad was appointed as the liquidator. The company's registered office is located in Gujarat. The liquidator made public announcements, submitted reports to the Registrar of Companies and IBBI, and distributed assets to stakeholders, primarily Welspun Enterprises Limited (WEL). The assets included equity shares and convertible debentures of Adani Welspun Exploration Limited. The liquidation process

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## Issues and analysis

### Issue 1: Whether the affairs of the Corporate Person have been completely wound up and its assets completely …

**Ratio:** Section 59(8) of the IBC, 2016 empowers the Adjudicating Authority to order the

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**Reasoning:** The Adjudicating Authority examined the submissions made by the applicant (liquidator)

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**Interpretation:** The interpretation of Section 59(8) requires a thorough examination of the

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**Application:** In this case, the liquidator had submitted a final report indicating that all

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## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Respondents:** Welspun Natural…

## Timeline

- **2006-09-07 — Company Incor…**: Welspun Natural Resources Private…
- **2023-01-18 — Declaration of…**: Directors made a…

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