# In the matter of Aerosite Energy Private Limited

> NCLT judgment dated 2023-10-31. Citation: TCN-2023-NCLT-00978. The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 31 Oct 2023
- **Citation:** TCN-2023-NCLT-00978
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aerosite-energy-private-limited-8f430d43

## Summary

### Background

The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking a direction for the dissolution of Aerosite Energy Pvt. Ltd. The company initiated voluntary liquidation, and the liquidator, Vasudevan Gopu, sought the Adjudicating Authority's approval for the dissolution. The company was incorporated in 2013 and is involved in the business of electricity/power. The Board of Directors resolved to wind up the company, and a resolution for voluntary liquidation was passed in an Extraordinary General Meeting. The liquidator made public announcements and submitted preliminary reports as per IBBI regulations. The company's assets were liquidated, and the proceeds were distributed to the stakeholders.

## Facts

Aerosite Energy Pvt. Ltd. was incorporated on December 12, 2013, under the Companies Act, 1956. The company's registered office was shifted from Telangana to Karnataka in 2016. The company's authorized share capital is Rs.22,01,00,000, and its paid-up capital is Rs.21,68,42,450. The company is involved in the business of electricity/power. On August 12, 2022, the Board of Directors decided to wind up the company. A resolution for voluntary liquidation was passed on August 22, 2022, and Vasudevan Gopu was appointed as the liquidator. Public announcements were made on August 23, 2022. No claims were received from stakeholders. The liquidator submitted a preliminary report on October 1, 2022, and opened a bank account for liquidation purposes. The liquidator intimated the

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## Issues and analysis

### Issue 1: Whether the affairs of the Corporate Person have been completely wound up and its assets have been …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, and Regulation 37(2) of the IBBI

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**Reasoning:** The court considered the reports filed by the liquidator, the ROC, and the IBBI, which

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**Interpretation:** Section 59 of the IBC, 2016, allows a corporate person to initiate voluntary

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**Application:** In this case, the liquidator had complied with all the requirements of Section

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## Parties

- **Judges:** T. Krishn…; Manoj Kumar…
- **Appellants:** Vasudevan…
- **Respondents:** Aerosite Energy…
- **Advocates:** Vinuta Venkat Rao…; Arch…

## Timeline

- **2013-12-12 — Incorporation of…**: Aerosite Energy Pvt. Ltd. was…
- **2016-01-01 — Shift of Registered…**: The registered office of the Company was shifted from State of Telangana to the State of…

## 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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