# In the matter of Veninore Technolgoies (India) Pvt. Ltd. C.P. (IB)No. 20-BB-2021

> NCLT judgment dated 2021-03-04. Citation: TCN-2021-NCLT-02820. The case pertains to the voluntary liquidation of Veninore Technologies (India) Private…

- **Court:** NCLT
- **Order date:** 4 Mar 2021
- **Citation:** TCN-2021-NCLT-02820
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/veninore-technolgoies-india-pvt-ltd-cp-ibno-20-bb-2021-852587c4

## Summary

### Background

The case pertains to the voluntary liquidation of Veninore Technologies (India) Private Limited. The company, incorporated in 2010-11, discontinued operations due to financial reasons in 2013-14 and decided to voluntarily liquidate. The company complied with Section 59(3) of the IBC Code, including directors' affidavit of solvency and public announcement. The liquidator received only two claims, paid them, and made final settlements to shareholders. The liquidator prepared and submitted the Final Report, filed it with the Registrar of Companies, and emailed it to IBBI. The applicant also submitted a letter for closure of its Bank Account to Axis Bank as all the assets are liquidated.

## Facts

Veninore Technologies (India) Private Limited, incorporated in 2010-11, is a private limited company with a registered office in Bengaluru. Its authorized share capital is Rs. 5,00,000 divided into 5,000 equity shares. The company discontinued operations in 2013-14 due to financial reasons and decided to voluntarily liquidate. The directors swore an affidavit that the company had no debts and was not being liquidated to defraud anyone. The declaration was accompanied by audited financial statements for FY 2018-19 and 2019-20. The Chartered Accountant prepared a statement of account as of 30.09.2019. An Extraordinary General Meeting was held on 30.11.2019, and a special resolution was passed to voluntarily liquidate the company, appointing Mr. V.S Varun as the

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## Issues and analysis

### Issue 1: Whether the Applicant Company has followed due process of law before filing the instant …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, outlines the procedure for

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**Reasoning:** The court perused the pleadings and extant provisions of the Code and Rules made

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**Interpretation:** The interpretation of Section 59 involves ensuring that all mandatory steps for

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**Application:** The court applied the ratio by verifying that the Board of Directors passed a

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Respondents:** Veninore Technolog…
- **Advocates:** Shri. Hemanth.R.…

## Timeline

- **2010-01-01 — Company Incor…**: Veninore Technologies (India)…
- **2013-01-01 — Discontinuation of…**: The company discontinued…

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