# In the matter of Anamala Kuries And Loans Private Limited

> NCLT judgment dated 2024-06-04. Citation: TCN-2024-NCLT-01243. The case pertains to a Company Petition filed under Section 59 of the Insolvency & Bankruptcy…

- **Court:** NCLT
- **Order date:** 4 Jun 2024
- **Citation:** TCN-2024-NCLT-01243
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/anamala-kuries-and-loans-private-limited-cacd9814

## Summary

### Background

The case pertains to a Company Petition filed under Section 59 of the Insolvency & Bankruptcy Code, 2016, regarding Anamala Kuries and Loans Private Limited. The company sought voluntary liquidation due to the non-availability of business prospects and long-term financial resources. The Board of Directors approved the proposal for voluntary liquidation on 04.03.2023, subject to the approval of the members. The company was incorporated on 05.12.1995, with its registered office in Chalakudy, Thrissur. The main object of the company was to conduct Kuries business, advancing money and lending and hire purchase. The liquidator, Rajmohan R, was appointed to liquidate the company voluntarily.

## Facts

Anamala Kuries and Loans Private Limited, incorporated on 05.12.1995, sought voluntary liquidation due to financial unviability. The company's primary business was conducting Kuries, advancing money, lending, and hire purchase. The Board of Directors approved the voluntary liquidation proposal on 04.03.2023. The directors declared solvency on the same date. Members passed a special resolution for liquidation on 31.03.2023, appointing Rajmohan R as the liquidator. A public announcement was made on 04.04.2023, seeking stakeholder claims. No claims were received from creditors, only shareholders. The liquidator submitted a preliminary report on 15.05.2023. The remaining amount after expenses was distributed to shareholders. The liquidator closed the liquidation account on

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation of Anamala Kuries and Loans Private Limited should be approved …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, allows for the voluntary

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**Reasoning:** The Tribunal considered the liquidator's report, the ROC's report, and the documents

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**Interpretation:** Section 59 provides a mechanism for a solvent corporate entity to wind up its

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**Application:** In this case, the directors made a declaration of solvency, the members passed

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## Parties

- **Judges:** Shyam Babu…; T Krishna…
- **Respondents:** Anamala Kuries…; ROC…

## Timeline

- **1995-12-05 — Incorporation o…**: Anamala Kuries and Loans…
- **2023-03-04 — Board Approval and…**: The Board of Directors approved the proposal for voluntary liquidation, and the directors…

## 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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