# In the matter of Infiniti Techlabs Llp

> NCLT judgment dated 2024-07-12. Citation: TCN-2024-NCLT-01018. The case involves an application (I.A. No.9 of 2024) in a corporate insolvency resolution…

- **Court:** NCLT
- **Order date:** 12 Jul 2024
- **Citation:** TCN-2024-NCLT-01018
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/infiniti-techlabs-llp-a5684a5b

## Summary

### Background

The case involves an application (I.A. No.9 of 2024) in a corporate insolvency resolution process (CIRP) under Section 54(1) of the IB Code, 2016, read with Regulation 14 and 45(3)(b) of the IBBI (Liquidation Process) Regulation, 2016, concerning M/s. Infiniti Techlabs LLP. The application seeks the dissolution of the Corporate Debtor and the discharge of the Liquidator from their duties. The CIRP was initiated, and Mr. Rachamallu Ramachandra Reddy was appointed as the Liquidator. The Liquidator then commenced the liquidation process as per Chapter III of the IBC, 2016, and IBBI regulations.

## Facts

M/s. Infiniti Techlabs LLP was incorporated on 24.11.2010 as a limited liability company. The Corporate Debtor's registered office is located in Secunderabad, Telangana. The capital structure of the Corporate Debtor includes designated partners' capital of Rs. 5,00,000. The net worth of the Corporate Debtor as of 31.03.2023 was negative (Rs. -5,27,13,398). The shareholding details show Mr. Gautam Gangula holding 92% and Mr. Veda Vysa Gangula holding 8% as of 31.03.2023. An application bearing No.IA (IBC) No.1037 of 2023 in No.112/10/HDB/2021 was admitted on 07.07.2023, and Mr. Rachamallu Ramachandra Reddy was appointed as Liquidator. The Liquidator published advertisements on 12.07.2023 inviting claims from stakeholders. The Corporate Debtor's assets include a Ford

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## Issues and analysis

### Issue 1: Whether the liquidation process has been completed as per the procedures laid down under the IBC, …

**Ratio:** The ratio is based on the provisions of the IBC, 2016, and the IBBI (Liquidation Process)

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**Reasoning:** The court reasoned that the Liquidator had followed all the necessary procedures,

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**Interpretation:** The interpretation involves understanding the requirements of the IBC, 2016,

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Mr.Rachamallu…
- **Respondents:** M/s.Infiniti…
- **Advocates:** JVL Bha…

## Timeline

- **2010-11-24 — Incorporation of…**: M/s.Infiniti Techlabs LLP was…
- **2023-07-07 — Admission of Ap…**: Application bearing No.IA (IBC) No.1037 of 2023 in No.112/10/HDB/2021 was admitted by the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54(1) — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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