# In the matter of Akshara Enterprises Private Limited

> NCLT judgment dated 2023-09-15. Citation: TCN-2023-NCLT-01596. The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 15 Sept 2023
- **Citation:** TCN-2023-NCLT-01596
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/akshara-enterprises-private-limited-85c1f437

## Summary

### Background

The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, read with the IBBI (Voluntary Liquidation) Regulations, 2017, seeking the dissolution of Akshara Enterprises Private Limited, which is undergoing voluntary liquidation. The company was originally incorporated as Sri Ambika Housing Syndicate (India) Limited in 1996 and later converted into a private limited company in 2016. The company's board of directors decided to close down the company due to its inability to generate revenue post-COVID-19 pandemic. The company declared solvency and initiated voluntary liquidation.

## Facts

Akshara Enterprises Private Limited (formerly Sri Ambika Housing Syndicate (India) Limited) was incorporated in 1996 and converted to a private limited company in 2016. The company's primary business was construction and real estate development. Due to the inability to generate revenue post the COVID-19 pandemic, the Board of Directors approved a Declaration of Solvency on 27.03.2023 and resolved to initiate voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. Mr. R. Ramakrishna Gupta was appointed as the Liquidator. The company's authorized share capital was Rs. 1,00,00,000, and the issued, subscribed, and paid-up share capital was Rs. 98,97,500. The liquidator made public announcements, submitted reports to the ROC and IBBI, and

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Akshara Enterprises Private Limited was conducted in …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, read with the IBBI (Voluntary

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**Reasoning:** The court considered the various actions taken by the liquidator, including the public

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**Interpretation:** The interpretation of Section 59 and the related regulations involves ensuring

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**Application:** In this case, the liquidator's actions demonstrated compliance with the

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** M/s. Akshara…
- **Respondents:** Akshara Enterprise…; Registrar of…

## Timeline

- **1996-12-31 — Incorpor…**: Sri Ambika Housing Syndicate (India) Limited was incorporated under the Companies Act,…
- **2016-02-05 — Conversion to Private…**: Sri Ambika Housing Syndicate (India) Limited was converted into Akshara Enterprises…

## 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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