# In the matter of K Chittilappilly Capital Private Limited

> NCLT judgment dated 2024-05-29. Citation: TCN-2024-NCLT-01276. The case pertains to a Company Petition filed under Section 59 of the Insolvency & Bankruptcy…

- **Court:** NCLT
- **Order date:** 29 May 2024
- **Citation:** TCN-2024-NCLT-01276
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/k-chittilappilly-capital-private-limited-9ca77324

## Summary

### Background

The case pertains to a Company Petition filed under Section 59 of the Insolvency & Bankruptcy Code, 2016, for the voluntary liquidation of M/s. K Chittilappilly Capital Private Limited. The company, incorporated on 26.08.2020, sought dissolution after completing the necessary formalities and procedures for liquidation. The Board of Directors had unanimously approved the proposal for voluntary liquidation, and the members passed a Special Resolution under Section 59 of the IBC. The liquidator, Mr. C S Ramachandran Thekkumkat Madathil, was appointed to oversee the liquidation process.

## Facts

M/s. K Chittilappilly Capital Private Limited, incorporated on 26.08.2020, filed a Company Petition under Section 59 of the Insolvency & Bankruptcy Code, 2016, seeking voluntary liquidation. The company had not carried on any business since its incorporation and had not earned any profits. The Board of Directors, in a meeting held on 21.03.2023, decided to opt for voluntary liquidation, with 100% of shareholders expressing their interest. A declaration of solvency was made by all directors on 21.03.2023. The members passed a Special Resolution under Section 59 of the IBC. Mr. C S Ramachandran Thekkumkat Madathil was appointed as the liquidator. The liquidator made a public announcement, intimated the Income Tax Department and the ROC, and submitted a preliminary

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## Issues and analysis

### Issue 1: Whether the Corporate Person has complied with the provisions of Section 59 of the Insolvency and …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, and the IBBI (Voluntary

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**Reasoning:** The Tribunal verified the documents produced by the liquidator, including the declaration

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**Interpretation:** Section 59 of the IBC and the associated regulations outline the steps a

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**Application:** The Corporate Person demonstrated compliance by passing a special resolution,

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## Parties

- **Judges:** Shri. Shyam Babu…; TMT. Justice T…
- **Appellants:** CS.Ramachandran…
- **Respondents:** M/s. K Chittilappi…; Registrar of…
- **Advocates:** Suni…; Bindu V…

## Timeline

- **2020-08-26 — Incorporation o…**: M/s. K Chittilappilly Capital…
- **2023-03-21 — Board Meeting and…**: Board of Directors decided to opt for voluntary liquidation; members passed a Special…

## 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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