# In the matter of Variman Fitness Private Limited

> NCLT judgment dated 27 May 2025. Citation: TCN-2025-NCLT-00044. The case involves a Company Petition filed by Variman Fitness Private Limited, represented by…

- **Court:** NCLT
- **Order date:** 27 May 2025
- **Citation:** TCN-2025-NCLT-00044
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/variman-fitness-private-limited-cd35f7e7

## Summary

### Background

The case involves a Company Petition filed by Variman Fitness Private Limited, represented by its Liquidator, Shri Ravi Shankar Devarakonda, under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The petition sought the dissolution of the corporate person, directions for the National Cooperative Bank to disburse dues directly to shareholders, and for the Liquidator to file the dissolution order with the Registrar of Companies, Bengaluru. The company had initiated voluntary liquidation by passing a Special Resolution on January 27, 2024, and appointed Shri Ravi Shankar Devarakonda as the Liquidator. The Liquidator subsequently completed all necessary steps under the Insolvency and Bankruptcy Code, including public announcements, submission of reports, and liquidation of assets.

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## Facts

Variman Fitness Private Limited, the Applicant Company, was incorporated on July 21, 2016, under the provisions of the Companies Act, 2013. Its registered office is located at No. 7, 2nd and 3rd Floor, Maruthi Arcade, 80 Ft Road, Koramangala, Bangalore, Karnataka-560034. The company's Corporate Identification Number (CIN) is U74999KA2016PTC095179.

On January 27, 2024, the company passed a Special Resolution to voluntarily liquidate itself. Following this resolution, Shri Ravi Shankar Devarakonda was appointed as the Liquidator. The Liquidator subsequently filed the Company Petition under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, seeking the dissolution of the corporate person.

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## Issues and analysis

### Issue 1: Whether Variman Fitness Private Limited should be dissolved under Section 59(8) of the Insolvency…

**Ratio:** A corporate person that has undergone voluntary liquidation, with all its affairs wound…

**Reasoning:** The Tribunal reasoned that the company's affairs had been completely wound up, and its…

**Interpretation:** The Tribunal interpreted Section 59(8) of the IBC, 2016, to mean that once a…

**Application:** Given that Variman Fitness Private Limited had completed its voluntary…

## Parties

- **Judges:** Sunil Kumar…; MEMBER (JUD…; +2 more
- **Advocates:** For the Applicant:…

## Timeline

- **July 21, 2016 — Company Incor…**: Variman Fitness Private Limited was…
- **January 3, 2024 — Intimation…**: Commencement of liquidation and appointment of liquidator intimated to the ROC in form…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59(7) — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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