# In the matter of Issar Investments (India) Private Limited

> NCLT judgment dated 2025-02-14. Citation: TCN-2025-NCLT-00483. The case pertains to a company petition filed by the Applicant/Liquidator under Section 59 of…

- **Court:** NCLT
- **Order date:** 14 Feb 2025
- **Citation:** TCN-2025-NCLT-00483
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/issar-investments-india-private-limited-ba0d4eed

## Summary

### Background

The case pertains to a company petition filed by the Applicant/Liquidator under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking the dissolution of M/s. Issar Investments (India) Private Limited under voluntary liquidation. The company, incorporated on 21.06.2011, was primarily engaged in investments. The Board of Directors proposed voluntary liquidation on 20.12.2023, as the company ceased operations. A declaration of solvency was made, and a resolution was passed by the shareholders on 26.12.2023 to liquidate the company and appoint Mr. Sivaram Reddy Rajula as the Liquidator.

## Facts

M/s. Issar Investments (India) Private Limited, incorporated on 21.06.2011, with CIN: U65990TG2011PTC075092, engaged in investments. The authorized share capital was Rs. 2,00,00,000, and the paid-up capital was Rs. 1,90,61,290. The Board of Directors, including Rama Krishna Reddy Isanaka and Isanaka Shaalini, proposed voluntary liquidation on 20.12.2023, due to the cessation of operational activities. A declaration of solvency was made, and shareholders resolved to liquidate the company on 26.12.2023, appointing Mr. Sivaram Reddy Rajula as Liquidator. The Liquidator made public announcements, notified authorities, opened a bank account, and submitted reports. The company had no creditors. A claim from the IT department for Rs. 2,36,564 was received and paid. Surplus

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of M/s. Issar Investments (India) Private Limited was …

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

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**Reasoning:** The Tribunal observed that the Liquidator had made public announcements, notified

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**Interpretation:** Section 59 and the Voluntary Liquidation Process Regulations are interpreted to

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**Application:** The Liquidator's actions, including public announcements, notifications, and

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## Parties

- **Judges:** SH. RAJEEV…; SH. CHARAN…
- **Appellants:** Siva Rami Reddy…
- **Respondents:** M/s. Issar…; RoC, Tela…

## Timeline

- **2011-06-21 — Company Incor…**: M/s. Issar Investments (India)…
- **2023-12-20 — Board Resolution for…**: The Board of Directors proposed to liquidate the Company voluntarily as the Company…

## 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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