# In the matter of Kumaran Hi-Tech Private Limited CP (IB) No. 56-BB-2021

> NCLT judgment dated 2021-12-08. Citation: TCN-2021-NCLT-00235. The case pertains to C.P.(IB)No.56/BB/2021 filed by Shri Joby Chacko, the Liquidator of M/s.…

- **Court:** NCLT
- **Order date:** 8 Dec 2021
- **Citation:** TCN-2021-NCLT-00235
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kumaran-hi-tech-private-limited-cp-ib-no-56-bb-2021-6a15fcd5

## Summary

### Background

The case pertains to C.P.(IB)No.56/BB/2021 filed by Shri Joby Chacko, the Liquidator of M/s. Kumaran Hi-Tech Private Limited (in liquidation), under Section 59(7) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the dissolution of Kumaran Hi-Tech Private Limited. The company was incorporated on 02.07.2002 and decided to voluntarily liquidate due to not carrying on the business as envisaged. The Board of Directors decided to wind up the affairs of the Company and Voluntarily Liquidate it at their meeting held on June 04, 2020. The majority of the Directors of the Company executed declaration of solvency as required under Section 59(3) of the IBC, 2016. The company convened a general meeting of shareholders on June 10, 2020, and passed a special resolution

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## Facts

M/s. Kumaran Hi-Tech Private Limited was incorporated on 02.07.2002 under the Companies Act, 1956. The company's authorized share capital is Rs.5,00,000/- divided into 50,000 Equity Shares of Rs.10/- each. The company was not carrying on business as envisaged, and its only revenue was lease rentals from immovable properties. The Board of Directors decided to wind up the company and voluntarily liquidate it at their meeting held on June 04, 2020. A declaration of solvency was executed by the majority of Directors. The declaration along with audited financial statements were filed with RoC, Bangalore on 10.06.2020. A general meeting of shareholders was held on June 10, 2020, and a special resolution was passed approving the voluntary liquidation. Mr. Joby Chacko was

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of M/s. Kumaran Hi-Tech Private Limited was conducted in …

**Ratio:** Section 59 of the IBC, 2016, outlines the procedure for voluntary liquidation of a

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**Reasoning:** The court observed that the Liquidator had complied with all the conditions and

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**Interpretation:** Section 59 of the IBC, 2016, is interpreted to ensure that the voluntary

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**Application:** In this case, the Liquidator, Shri Joby Chacko, followed the prescribed

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## Parties

- **Judges:** Bhaskara Pantula…; HEMANT KUMAR…
- **Appellants:** Joby Ch…
- **Respondents:** Kumaran Hi-Tech…

## Timeline

- **2002-07-02 — Company Incor…**: M/s. Kumaran Hi-Tech Private Limited was…
- **2020-06-04 — Board Dec…**: The Board of Directors decided to wind up the affairs of the Company and Voluntarily…

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