# In the matter of Chainalytics Services Private Limited

> NCLT judgment dated 23 May 2025. Citation: TCN-2025-NCLT-00049. The instant Company Petition was filed by Chainalytics Services Private Limited, represented…

- **Court:** NCLT
- **Order date:** 23 May 2025
- **Citation:** TCN-2025-NCLT-00049
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/chainalytics-services-private-limited-cdb43104

## Summary

### Background

The instant Company Petition was filed by Chainalytics Services Private Limited, represented by its Liquidator, Mr. Ratnakar Shetty, under Section 59 of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016). The primary prayer of the Applicant Company was to confirm the winding up of its affairs and to dissolve the company. Additionally, the company sought permission to dispose of records, registers, and books of accounts, except those required to be preserved under the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. The petition also requested the discharge of the Liquidator's powers and duties.

…

## Facts

Chainalytics Services Private Limited, the Applicant Company, was incorporated on December 13, 2004, under the provisions of the Companies Act, 1956. Its registered office is located in Bangalore. The company's Board of Directors held a meeting on March 9, 2023, where they decided to voluntarily liquidate the company and executed a Declaration of Solvency, as mandated by Section 59(3) of the IBC, 2016. This declaration confirmed the company's solvency, absence of debts, and that the liquidation was not intended to defraud any person or entity.

…

## Issues and analysis

### Issue 1: Whether Chainalytics Services Private Limited has completed all necessary steps for voluntary…

**Ratio:** A company seeking voluntary liquidation and dissolution must demonstrate strict…

**Reasoning:** The court reasoned that the company had followed the prescribed procedures, including the…

**Interpretation:** The court interpreted **Section 59** of the IBC and the IBBI (Voluntary…

**Application:** In this case, Chainalytics Services Private Limited's Board of Directors passed…

## Parties

- **Judges:** Sunil Kumar…; Radhakrishna…
- **Advocates:** For the Applicant:…; Shri. Channakeshav…; +1 more

## Timeline

- **December 13, 2004 — Company Incor…**: Chainalytics Services Private Limited was…
- **March 9, 2023 — Board Resolution for…**: The Board of Directors decided to voluntarily liquidate the company and executed a…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/chainalytics-services-private-limited-cdb43104