# In the matter of Shree  Shakthi Agro Oils Limited

> NCLT judgment dated 2025-02-14. Citation: TCN-2025-NCLT-01102. The application was filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read…

- **Court:** NCLT
- **Order date:** 14 Feb 2025
- **Citation:** TCN-2025-NCLT-01102
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-amaravati/shree-shakthi-agro-oils-limited-ac3fc1a5

## Summary

### Background

The application was filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, seeking the dissolution of Shree Shakthi Agro Oils Limited.

## Facts

The application was filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, seeking dissolution of Shree Shakthi Agro Oils Limited.

Mr. Koteswara Rao Karuchola, the Liquidator, filed the application.

The company was incorporated on 27.06.1998.

The company's objective was to manufacture, sell, process, and refine oils from various seeds.

The Board of Directors passed a resolution on 20.11.2023 for voluntarily liquidating the Company.

The Liquidator made a public announcement of the commencement of liquidation on 21.11.2023.

The Members of the Company passed a special resolution on 15.12.2023 to liquidate the Company voluntarily and appointed Mr. Koteswara Rao Karuchola as the Liquidator.

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## Issues and analysis

### Issue 1: Whether the application for dissolution of Shree Shakthi Agro Oils Limited under Section 59(7) of …

**Ratio:** Section 59(7) of the

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**Reasoning:** The Adjudicating Authority considered the application filed by the Liquidator and the

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**Interpretation:** Section 59(7) allows the Adjudicating Authority to pass an order dissolving the

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**Application:** The Adjudicating Authority allowed the prayer of the Liquidator to dissolve the

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Koteswara Rao…
- **Respondents:** Shree Shakthi…
- **Other parties:** Raveendra Kumar…; Asodi Durga…; +2 more
- **Advocates:** Koteswara Rao…

## Timeline

- **2023-11-20 — Board Reso…**: Board of Directors passed a resolution for…
- **2023-11-21 — Public Annou…**: Liquidator made a Public…

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