# In the matter of Davinta Finserv Private Limited C.P.(IB)No.205-BB-2022

> NCLT judgment dated 2023-05-25. Citation: TCN-2023-NCLT-03164. The case pertains to the voluntary liquidation of Davinta Finserv Private Limited. The company…

- **Court:** NCLT
- **Order date:** 25 May 2023
- **Citation:** TCN-2023-NCLT-03164
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/davinta-finserv-private-limited-cpibno205-bb-2022-6510aed0

## Summary

### Background

The case pertains to the voluntary liquidation of Davinta Finserv Private Limited. The company initiated voluntary liquidation proceedings under Section 59 of the IBC, 2016, and IBBI Regulations, 2017. The company passed a special resolution on 23.02.2022 to liquidate voluntarily and appointed Shri B Mahesh Shenoy as the liquidator. The liquidator took steps as required by the regulations, including making public announcements, submitting preliminary reports, and opening a bank account for liquidation proceeds.

## Facts

Davinta Finserv Private Limited was incorporated on 28.10.2020 under the Companies Act, 2013. The company's authorized share capital was Rs.2,50,00,000, and its paid-up capital was Rs.2,25,00,000. The company's main business involved providing secured and unsecured loans as a Non-Banking Finance Company. On 23.02.2022, the company passed a special resolution to undergo voluntary liquidation and appointed Shri B Mahesh Shenoy as the liquidator. The liquidator made a public announcement on 24.02.2022 and submitted a preliminary report on 08.04.2022. No claims were received from stakeholders. The liquidator distributed Rs.2,20,63,412.05 to the equity shareholders on 06.06.2022, representing 98.05% of the paid-up capital. The liquidator closed the bank account on

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Davinta Finserv Private Limited has been completed in …

**Ratio:** Section 59 of the IBC, 2016, and the IBBI (Voluntary Liquidation Process) Regulations,

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**Reasoning:** The court perused the records and found that the liquidator had complied with all the

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**Interpretation:** Section 59 of the IBC, 2016, and the IBBI (Voluntary Liquidation Process)

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**Application:** The court applied the provisions of Section 59 of the IBC, 2016, and the IBBI

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## Parties

- **Judges:** T. Krishn…; Manoj Kumar…
- **Respondents:** Davinta Finserv…; The Registrar of…
- **Advocates:** Shrikar…

## Timeline

- **2020-10-28 — Incorporation o…**: Davinta Finserv Private…
- **2022-02-17 — Board Me…**: Board of Directors held a meeting for…

## 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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