# In the matter of WL Ross (India) Pvt Ltd

> NCLT judgment dated 2024-07-24. Citation: TCN-2024-NCLT-00960. The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 24 Jul 2024
- **Citation:** TCN-2024-NCLT-00960
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/wl-ross-india-pvt-ltd-dc764bee

## 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 WL ROSS (INDIA) PRIVATE LIMITED. The company, incorporated on 19.04.2006, initiated voluntary liquidation proceedings. The Board of Directors passed a special resolution on 25.07.2019 to liquidate the company. Abhay Kumar was appointed as the liquidator. The liquidator made a public announcement on 29.07.2019, seeking submission of claims. The commencement of liquidation was submitted to the Registrar of Companies Mumbai on 30.07.2019. The Income Tax Department issued a No Objection Certificate on 16.08.2021. The liquidator opened a bank account with Yes Bank. The liquidator submitted a preliminary report on 09.09.2019. The

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## Facts

WL ROSS (INDIA) PRIVATE LIMITED, with CIN U74140MH2006PTC161215, initiated voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 19.04.2006 with an authorized share capital of Rs. 3,00,00,000 and issued, subscribed, and paid-up share capital of Rs. 2,31,00,000. The directors, Mr. Saurabh Manoj Nanavati and Mr. Nishant Mohta, declared solvency on 19.07.2019. Abhay Kumar, an Insolvency Professional, was appointed as the liquidator. A public announcement was made on 29.07.2019. The liquidator intimated the Income Tax Department and received a No Objection Certificate on 16.08.2021. A bank account was opened with Yes Bank. The liquidator submitted a preliminary report on 09.09.2019. The balance amount of Rs.

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## Issues and analysis

### Issue 1: Whether the Company Petition filed under section 59(7) of the IBC seeking an order of dissolution …

**Ratio:** Section 59(7) of the IBC allows for the dissolution of a corporate person after the

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**Reasoning:** The Tribunal examined the submissions made by the counsel appearing for the Petitioner

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**Interpretation:** Section 59(7) provides a mechanism for formally dissolving a company after it

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**Application:** The Tribunal applied Section 59(7) to the facts of the case, noting that the

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Respondents:** WL ROSS (INDIA)…

## Timeline

- **2006-04-19 — Company Incor…**: WL ROSS (INDIA) PRIVATE…
- **2019-07-19 — Declaration of…**: Directors Mr. Saurabh Manoj Nanavati and Mr.…

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