# In the matter of HPT Consulting Private Limited

> NCLT judgment dated 2023-11-24. Citation: TCN-2023-NCLT-00578. The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 24 Nov 2023
- **Citation:** TCN-2023-NCLT-00578
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hpt-consulting-private-limited-0a41ae1d

## Summary

### Background

The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking the dissolution of HPT Consulting Private Limited (formerly known as Pinnacle Finance & Credit Private Limited). The company, through its liquidator Mr. Gaurang C. Shah, initiated voluntary liquidation due to having no significant business operations and no prospects of new business opportunities. The company complied with the requisite formalities and procedures for liquidation as per law.

## Facts

HPT Consulting Private Limited, formerly known as Pinnacle Finance & Credit Private Limited, filed a Company Petition under Section 59 of the Insolvency and Bankruptcy Code, 2016, for voluntary liquidation. The company was incorporated on 26.07.2016. The board of directors resolved to voluntarily liquidate the company on 08.12.2022 due to having no significant business operations and no prospects of new business opportunities. The directors declared that the company could pay its debts in full and was not being liquidated to defraud anyone. The company's assets consisted of cash, bank balance, and interest accrued on fixed deposits. Mr. Gaurang C. Shah was appointed as the Liquidator. The Liquidator made a public announcement of liquidation and intimated the

…

## Issues and analysis

### Issue 1: Whether the company, HPT Consulting Private Limited, should be dissolved under Section 59 of the …

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

…

**Reasoning:** The Tribunal reasoned that the Liquidator had complied with all the requirements of

…

**Interpretation:** The interpretation of Section 59 of the IBC is that it provides a mechanism for

…

**Application:** In this case, the Tribunal applied the ratio and reasoning to the specific

…

## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Respondents:** HPT Consulting…

## Timeline

- **2016-07-26 — Company Incor…**: HPT Consulting Private Limited was…
- **2022-12-08 — Board Resolution for…**: The board of directors of HPT Consulting Private Limited resolved to voluntarily…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hpt-consulting-private-limited-0a41ae1d