# In the matter of Hurrykrishna Venture Private Limited

> NCLT judgment dated 2024-01-11. Citation: TCN-2024-NCLT-03191. The case pertains to the voluntary liquidation of M/s. Hurrykrishna Venture Private Limited…

- **Court:** NCLT
- **Order date:** 11 Jan 2024
- **Citation:** TCN-2024-NCLT-03191
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hurrykrishna-venture-private-limited-10a03be3

## Summary

### Background

The case pertains to the voluntary liquidation of M/s. Hurrykrishna Venture Private Limited under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. The company, incorporated on 02.03.1990, decided to liquidate due to having no significant business operations for the past two years. The Board of Directors considered this to be in the best interest of the company and its stakeholders, as the company was in a sound financial position to pay off its debts in full. The company's authorized and paid-up share capital was INR 50,00,000. The directors, Mr. Krishna Shriram and Ms. Roula Shriram, made declarations of solvency. The company filed necessary forms with

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## Facts

M/s. Hurrykrishna Venture Private Limited, incorporated on 02.03.1990, sought voluntary liquidation under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company's registered office is in New Delhi. The authorized and paid-up share capital is INR 50,00,000. The company's main object was export from India. The Board of Directors resolved to liquidate the company on 03.06.2021 due to a lack of significant business operations in the last two years. Mr. Krishna Shriram and Ms. Roula Shriram are the directors and shareholders. Mr. Sanjay Kumar Jha was appointed as the Voluntary Liquidator. A public announcement was made on 29.06.2021, inviting claims from stakeholders. No claims were received from creditors. The Voluntary Liquidator submitted a preliminary

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## Issues and analysis

### Issue 1: Whether the Applicant Company has complied with the necessary provisions of Section 59 of the …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, read with the Insolvency and

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**Reasoning:** The Adjudicating Authority considered the reports filed by the Voluntary Liquidator, the

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**Interpretation:** The interpretation of Section 59 and the Voluntary Liquidation Regulations

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**Application:** In this case, the Adjudicating Authority found that the Applicant Company had

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## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Appellants:** M/s. Hurrykrishna…
- **Respondents:** Hurrykrishna…

## Timeline

- **1990-03-02 — Company Incor…**: Hurrykrishna Venture Private…
- **2021-06-03 — Board Me…**: Board of Directors granted…

## 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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