# In the matter of Newport Investment Advisors Private Limited

> NCLT judgment dated 2025-05-30. Citation: TCN-2025-NCLT-00949. The case pertains to a Company Petition filed by Mr. Anish Gupta, the Liquidator of Newport…

- **Court:** NCLT
- **Order date:** 30 May 2025
- **Citation:** TCN-2025-NCLT-00949
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/newport-investment-advisors-private-limited-156d9870

## Summary

### Background

The case pertains to a Company Petition filed by Mr. Anish Gupta, the Liquidator of Newport Investment Advisors Private Limited, seeking dissolution of the company under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 38 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017.

## Facts

Mr. Anish Gupta, the Liquidator of Newport Investment Advisors Private Limited, filed the Company Petition.

Newport Investment Advisors Private Limited decided to close its business due to a lack of future prospects and opted for voluntary liquidation.

The directors of the company declared solvency via affidavit, stating that the company had no debt and was not being liquidated to defraud anyone.

A special resolution was passed in a shareholders' meeting on 19.09.2024 under Section 59 of the Code.

Public announcements regarding the commencement of liquidation were made in the 'Free Press Journal' and 'Navashakti' on 21.09.2024.

The liquidator received no claims from stakeholders.

The liquidator informed the Income-tax Authority about the commencement of voluntary liquidation.

…

## Issues and analysis

### Issue 1: Whether the affairs of the Corporate Person are duly and completely wound-up under provisions of …

**Ratio:** Regulation 38(1) of the Voluntary Liquidation Regulations requires the submission of a

…

**Reasoning:** The Applicant/Liquidator has complied with the statutory compliances of the Voluntary

…

**Interpretation:** Compliance with the Code and Regulations indicates a complete winding-up of the

…

**Application:** The Applicant's submission of the Final Report and compliance with the Code and

…

## Parties

- **Judges:** ASHISH…; SANJIV…
- **Appellants:** Anish G…
- **Respondents:** Newport Investment…
- **Other parties:** Joy Bh…; Manoj B…
- **Advocates:** Mily Gh…

## Timeline

- **2024-07-16 — Board Me…**: The Corporate Person decided to close down its business and apply for Voluntary…
- **2024-08-26 — Affidavit Dec…**: Directors declared via Affidavit that they have made a full enquiry into the affairs of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59(7) — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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