# In the matter of Hirit Hydro Power Private Limited (IB)-2159-ND-2019

> NCLT judgment dated 2021-03-12. Citation: TCN-2021-NCLT-02725. The application was filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, read…

- **Court:** NCLT
- **Order date:** 12 Mar 2021
- **Citation:** TCN-2021-NCLT-02725
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/hirit-hydro-power-private-limited-ib-2159-nd-2019-95e7bf09

## Summary

### Background

The application was filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, read with the IBBI (Voluntary Liquidation Process) Regulations, 2017, by the Voluntary Liquidator seeking the dissolution of M/s. Hirit Hydro Power Private Ltd. The company's main objective was to contribute to sustainable development by supplying power, heat, and energy. The Board of Directors decided to voluntarily liquidate the company due to no significant business operations for over two years. An Extra Ordinary General Meeting approved the voluntary liquidation after a full inquiry into the company's affairs. The voluntary liquidator published a notification in newspapers and served a copy of the public announcement to IBBI. A bank account was opened with Axis Bank in the name

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## Facts

M/s. Hirit Hydro Power Private Limited filed for voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company's objective was to contribute to sustainable development by supplying power, heat, and energy. The company had no significant business operations for more than two years. The Board of Directors unanimously decided to voluntarily liquidate the company on 2018-11-20. An Extra Ordinary General Meeting approved the voluntary liquidation. Sanjay Khandelwal was appointed as the Voluntary Liquidator. The voluntary liquidator gave intimation under section 178 of the Income Tax Act, 1961 and received a No Dues Certificate dated 2019-03-27. The voluntary liquidator published a notification in newspapers and served a copy of the public

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## Issues and analysis

### Issue 1: Whether the application for dissolution of M/s. Hirit Hydro Power Private Ltd. under Section 59 of …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, allows for the voluntary

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**Reasoning:** The court considered the averments made in the petition, the reports filed by the

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**Interpretation:** Section 59 provides a mechanism for a solvent company to voluntarily liquidate

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**Application:** The court applied the provisions of Section 59 to the facts of the case, noting

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## Parties

- **Judges:** P.S.N. P…; V.K. SUB…
- **Respondents:** M/s Hirit Hydro…

## Timeline

- **2007-11-14 — Company Incor…**: M/s Hirit Hydro Power Private Limited was…
- **2018-11-20 — Board Dec…**: The Board of Directors unanimously decided…

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