# In the matter of Indflux7 Technology Consulting Private Limited

> NCLT judgment dated 2023-08-08. Citation: TCN-2023-NCLT-02128. The case pertains to the voluntary liquidation of M/s. Indflux7 Technology Consulting Private…

- **Court:** NCLT
- **Order date:** 8 Aug 2023
- **Citation:** TCN-2023-NCLT-02128
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/indflux7-technology-consulting-private-limited-5d4142fd

## Summary

### Background

The case pertains to the voluntary liquidation of M/s. Indflux7 Technology Consulting Private Limited. The company initiated voluntary liquidation by passing a special resolution on 31.10.2022 and appointed Mr. Vasudevan Gopu as the liquidator. The company declared its solvency on 12.10.2022 and stated that it could pay its debts in full. The liquidator made public announcements, opened a bank account, and distributed the assets to the stakeholders. The Registrar of Companies (ROC) filed a report, and the liquidator submitted a final report.

## Facts

M/s. Indflux7 Technology Consulting Private Limited, incorporated on 15.05.2017, initiated voluntary liquidation. The company's registered office is in Bengaluru. The Board of Directors declared the company's solvency on 12.10.2022, stating that the company had outstanding debt of Rs.2,54,158/- as on 17.10.2022 and could pay its debts. A special resolution to liquidate the company voluntarily was passed on 31.10.2022, and Mr. Vasudevan Gopu was appointed as the liquidator. Public announcements were made in newspapers on 03.11.2022 and 04.11.2022. The liquidator received a claim from the Employees Provident Fund Organization (EPFO), which was settled. The liquidator submitted a preliminary report on 03.12.2022, opened a bank account, and obtained a no-due certificate

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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 IBC, 2016, and the IBBI (Voluntary Liquidation Process) Regulations,

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**Reasoning:** The court considered the liquidator's actions, including the declaration of solvency,

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**Interpretation:** The court interpreted Section 59 of the IBC, 2016, and the IBBI (Voluntary

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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…; ANURADHA SANJAY…
- **Appellants:** Vasudevan…
- **Respondents:** Indflux7 Technolog…; The Registrar of…

## Timeline

- **2017-05-15 — Company Incor…**: M/s. Indflux7 Technology Consulting…
- **2022-10-12 — Declaration of…**: The Board of Directors…

## 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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