# In the matter of Harohalli Land LLP

> NCLT judgment dated 2023-02-28. Citation: TCN-2023-NCLT-04435. The case pertains to a Company Petition filed by Mr. Kondisetty Kumar Dushyantha, the…

- **Court:** NCLT
- **Order date:** 28 Feb 2023
- **Citation:** TCN-2023-NCLT-04435
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/harohalli-land-llp-93d4a8ac

## Summary

### Background

The case pertains to a Company Petition filed by Mr. Kondisetty Kumar Dushyantha, the Liquidator of Harohalli Land LLP, under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read with IBBI (Voluntary Liquidation) Regulations, 2017, and Rule 10 of the Limited Liability Partnership (Winding Up and Dissolution) Rules, 2012. The petition seeks a direction for the dissolution of Harohalli Land LLP. Harohalli Land LLP was incorporated on 22.03.2016. The designated partners of the LLP approved the Declaration of Solvency on 18.05.2022. The LLP held an Extra-Ordinary General Meeting on 25.05.2022 and passed a Resolution to voluntarily liquidate the LLP and appoint Mr. Kondisetty Kumar Dushyantha as a Liquidator.

## Facts

Harohalli Land LLP was incorporated on 22.03.2016 under the Limited Liability Partnership Act, 2008. The LLP's capital is Rs. 25,00,00,000. The LLP's main objective is to develop properties/converted lands contributed by its partners. On 18.05.2022, the designated partners approved a Declaration of Solvency. An Extra-Ordinary General Meeting was held on 25.05.2022, where a resolution was passed to voluntarily liquidate the LLP, appointing Mr. Kondisetty Kumar Dushyantha as the liquidator. The commencement of the Voluntary Liquidation Process was intimated to IBBI, and a public announcement was made on 27.05.2022. The assets of the LLP were estimated at Rs. 2,16,64,92,000 as of 17.03.2022. The liquidator distributed the assets in specie to the partners and unsecured

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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, read with the IBBI (Voluntary

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**Reasoning:** The Adjudicating Authority considered the submissions of the Liquidator, the documents

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**Interpretation:** Section 59 of the IBC and the associated regulations outline the process for

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**Application:** The Adjudicating Authority applied the provisions of Section 59 and the IBBI

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## Parties

- **Judges:** T. Krishn…; Manoj Kumar…
- **Respondents:** Harohalli L…

## Timeline

- **2016-03-22 — Incorporation of…**: Harohalli Land LLP was incorporated under the…
- **2022-05-18 — Approval of Declaration…**: The designated partners of the LLP…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 2(c) — Application](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-2)

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