# In the matter of Zepetto India LLP CP (IB) No. 195-Vol.-Chd-Hry-2021

> NCLT judgment dated 2022-07-27. Citation: TCN-2022-NCLT-01553. The case pertains to a petition filed by the liquidator of Zepetto India LLP under Section 59…

- **Court:** NCLT
- **Order date:** 27 Jul 2022
- **Citation:** TCN-2022-NCLT-01553
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/zepetto-india-llp-cp-ib-no-195-vol-chd-hry-2021-a18666c5

## Summary

### Background

The case pertains to a petition filed by the liquidator of Zepetto India LLP under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking the dissolution of the LLP. The LLP was incorporated on 05.09.2016 and aimed to conduct business in personal computer online games and mobile games publishing. The partners of the LLP passed a special resolution to voluntarily liquidate the LLP and appointed Mr. Rajeev Bhambri as the liquidator. The liquidator complied with the necessary regulations, including making public announcements and informing relevant authorities such as the Registrar of Companies and the Income Tax Department. The LLP had no creditors at the commencement of liquidation, and the liquidator distributed the proceeds from the realization of assets to

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## Facts

Zepetto India LLP (LLPIN: AAH-3210) was incorporated on 05.09.2016 under the LLP Act, 2008, with its registered office in Gurgaon, Haryana. The LLP's objective was to engage in business activities related to personal computer online games and mobile games publishing. Due to a lack of business opportunities in India, the partners decided to voluntarily liquidate the LLP under Section 59 of the Insolvency and Bankruptcy Code, 2016. Mr. Rajeev Bhambri was appointed as the liquidator. The liquidator made public announcements inviting claims from stakeholders, but no claims were received. The liquidator also notified the Registrar of Companies and the Income Tax Department about the voluntary liquidation. A bank account was opened for the liquidation process, and the

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Zepetto India LLP complied with the provisions of …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, along with the IBBI (Voluntary

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**Reasoning:** The court observed that the liquidator had complied with the necessary regulations,

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**Interpretation:** Section 59 of the IBC and the associated regulations are interpreted to ensure

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**Application:** The court applied the provisions of Section 59 and the IBBI regulations to the

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Respondents:** Zepetto Ind…; Registrar of…

## Timeline

- **2016-09-05 — Incorporation of…**: Zepetto India LLP was…
- **2017-12-22 — Board Me…**: Copy of Minutes of the Board Meeting…

## 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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