# In the matter of Aishwarya And Co. Private Limited

> NCLT judgment dated 2025-01-27. Citation: TCN-2025-NCLT-00574. The case involves a petition filed seeking the withdrawal of the pending voluntary liquidation…

- **Court:** NCLT
- **Order date:** 27 Jan 2025
- **Citation:** TCN-2025-NCLT-00574
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aishwarya-and-co-private-limited-31846e58

## Summary

### Background

The case involves a petition filed seeking the withdrawal of the pending voluntary liquidation process of Aishwarya and Co Private Limited. The applicant submitted that a stakeholders meeting was convened by the liquidator on September 30, 2024, following a requisition letter dated September 18, 2024, from all shareholders. The shareholders sought to withdraw the company from liquidation, stating they had come up with a plan for corporate restructuring and revival through an investor who would infuse capital and leverage the company for a long-term strategic tie-up based on a business model.

## Facts

Aishwarya and Co Private Limited was undergoing a voluntary liquidation process. The liquidator convened a stakeholders meeting on September 30, 2024, following a requisition letter dated September 18, 2024, from all five shareholders. The shareholders sought to withdraw the company from liquidation, stating they had developed a corporate restructuring and revival plan involving an investor. The applicant submitted that the company had no creditors and no government dues. The Stakeholders' Consultation Committee (SCC) decided to withdraw the voluntary liquidation process. The court considered the submissions and the interest of the company.

## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Aishwarya and Co Private Limited should be withdrawn …

**Ratio:** The principle is that a voluntary liquidation process can be withdrawn if the

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**Reasoning:** The court reasoned that the stakeholders, including all shareholders, had agreed to

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**Interpretation:** This legal issue involves the interpretation of the rules and regulations

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Shri. JYOTI KUMAR…; SHRI. RAVICHANDRAN…
- **Appellants:** Ramela Rangasamy…
- **Respondents:** Aishwarya and Co…

## Timeline

- **2024-09-18 — Requisition…**: Shareholders submit a requisition letter to the liquidator expressing their desire to…
- **2024-09-30 — Stakeholders…**: A stakeholders meeting is convened by the liquidator, where the decision to withdraw the…

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