# In the matter of Harohalli Land LLP C.P. (IB)No.162-BB-2022

> NCLT judgment dated 2023-02-28. Citation: TCN-2023-NCLT-04413. 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-04413
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/harohalli-land-llp-cp-ibno162-bb-2022-5e3018a7

## 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, effective from the date of the order by the Adjudicating Authority. Harohalli Land LLP was incorporated on 22.03.2016 under the Limited Liability Partnership Act, 2008. The LLP's main objective is to develop properties/converted lands contributed by its partners. The LLP convened a meeting on 18.05.2022, approving the Declaration of Solvency. The designated partners

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## Facts

Harohalli Land LLP was incorporated on 22.03.2016 under the Limited Liability Partnership Act, 2008. Its main objective is to develop properties. The LLP's capital is Rs.25,00,00,000/-. On 18.05.2022, the LLP's designated partners approved a Declaration of Solvency. On 23.05.2022, they declared the LLP solvent with no debts. An Extra-Ordinary General Meeting was held on 25.05.2022, resolving to voluntarily liquidate the LLP and appoint Mr. Kondisetty Kumar Dushyantha as Liquidator. The commencement of the Voluntary Liquidation Process was intimated to IBBI. A public announcement was made on 27.05.2022. The assets of the LLP were valued at Rs.2,16,64,92,000/- as of 17.03.2022. The last date for submission of claims was 24.06.2022, and no claims were received. The LLP

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Harohalli Land LLP was conducted in compliance with …

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

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**Reasoning:** The court examined the steps taken by the liquidator, including the declaration of

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**Interpretation:** Section 59 and the IBBI Regulations are interpreted to ensure that the

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**Application:** The court applied the provisions of Section 59 and the IBBI Regulations to the

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## Parties

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

## Timeline

- **2016-03-22 — Incorporation…**: Harohalli Land LLP incorporated under the…
- **2022-05-18 — Meeting of Designated…**: LLP convened a meeting of Designated Partners…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59(7) — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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