# In the matter of Renaissance Softlabs Private Limited C.P. No. 66-59-HDB-2021

> NCLT judgment dated 2021-08-05. Citation: TCN-2021-NCLT-01452. The case pertains to a petition filed by M/s. Renaissance Softlabs Private Limited, represented…

- **Court:** NCLT
- **Order date:** 5 Aug 2021
- **Citation:** TCN-2021-NCLT-01452
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/renaissance-softlabs-private-limited-cp-no-66-59-hdb-2021-5e9a32c1

## Summary

### Background

The case pertains to a petition filed by M/s. Renaissance Softlabs Private Limited, represented by its liquidator Mr. Pavan Kankani, under Section 59 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the dissolution of the company. The company initiated voluntary liquidation proceedings after passing a board resolution on 22.10.2019 and obtaining shareholder approval on 23.10.2019. The company declared solvency and confirmed it had no debts or intention to defraud anyone. The liquidator complied with all regulatory requirements, including public announcements and submission of reports to the Registrar of Companies (RoC) and the Insolvency and Bankruptcy Board of India (IBBI).

## Facts

M/s. Renaissance Softlabs Private Limited, a private limited company incorporated on 28.05.1987, initiated voluntary liquidation proceedings. The company's registered office is located in Hyderabad. The company's main business was in Software, Information Technology, and related services. The authorized share capital was Rs. 28,00,000, and the paid-up capital was Rs. 25,73,550. The company ceased operations from 2010-2011 and had no intention of resuming them. The Board of Directors passed a resolution on 22.10.2019 for voluntary liquidation. The directors declared solvency on 22.10.2019, verified by an affidavit on 25.10.2019, stating the company had no debts and was not being liquidated to defraud anyone. Shareholders approved the voluntary liquidation on 23.10.2019.

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## Issues and analysis

### Issue 1: Whether the liquidator has complied with all the provisions of Section 59 of the IB Code, 2016, and …

**Ratio:** Section 59 of the IB Code, 2016, read with the Insolvency and Bankruptcy Board of India

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**Reasoning:** The Adjudicating Authority examined the records and found that the company had passed the

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**Interpretation:** Section 59 of the IB Code and the related regulations are interpreted to ensure

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**Application:** In this case, the liquidator demonstrated compliance with all the requirements

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## Parties

- **Judges:** Madan B.…; BINOD KUMAR…
- **Appellants:** M/s. Renaissance…
- **Respondents:** Renaissance…

## Timeline

- **1987-05-28 — Company Incor…**: M/s. Renaissance Softlabs Private Limited…
- **2010-01-01 — Cessation of O…**: The corporate person ceased carrying out its…

## 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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