# In the matter of  Procureli India Private Limited

> NCLT judgment dated 2025-03-04. Citation: TCN-2025-NCLT-01094. The instant Company Petition was filed on 18.08.2023 by M/s Procureli India Private Limited,…

- **Court:** NCLT
- **Order date:** 4 Mar 2025
- **Citation:** TCN-2025-NCLT-01094
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-bengaluru/procureli-india-private-limited-8f29f230

## Summary

### Background

The instant Company Petition was filed on 18.08.2023 by M/s Procureli India Private Limited, represented by its Liquidator, for dissolution under Section 59 of the Insolvency and Bankruptcy Code, 2016.

## Facts

M/s Procureli India Private Limited was incorporated on 26.12.2019.

The Authorised Share Capital of the Corporate Person is Rs. 10,00,000.

The Board of Directors decided to voluntarily liquidate the Company on 21.01.2023 and executed a Declaration of Solvency.

The Applicant Company passed a Resolution to liquidate the Company voluntarily on 31.01.2023, and appointed Mr. Vighneshwar Bhat as the Liquidator.

The commencement of liquidation and appointment of liquidator was intimated to the ROC in form MGT – 14 on 17.04.2023 and GNL – 2 on 18.05.2023.

The Liquidator made a Public Announcement of commencement of liquidation in Form A, in ‘Financial Express' and ‘Hosadigantha' on 02.02.2023.

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## Issues and analysis

### Issue 1: Whether the Applicant Company deserves to be …

**Ratio:** Section 59(8) of IBC, 2016 provides the powers

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**Reasoning:** The Applicant Company has complied with the provisions of Voluntary Liquidation under

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**Interpretation:** The Tribunal has the power to order the dissolution of the company if it meets

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**Application:** The Tribunal exercised the powers conferred under Section 59(8) of IBC, 2016

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## Parties

- **Judges:** K. Bi…; RAVICHANDRAN…
- **Appellants:** M/s Procureli…
- **Other parties:** Vighneshwa…
- **Advocates:** Shri. Guruprasad…

## Timeline

- **2023-08-18 — Filing of Company…**: The instant Company Petition was filed on 18.08.2023 by M/s Procureli India Private…
- **2025-04-03 — Order Del…**: Order delivered on 04.03.2025 allowing the Company Petition and ordering the dissolution…

## 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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